Chiang appointment signals increased China push by Merlin
Merlin Entertainments has appointed Rachel Yun Chiang, partner at multi-billion dollar Asian investment firm Pacific Alliance Group (PAG), to its board in a non-executive director role as the company seeks to expand its reach across the booming Chinese attractions market.
Chiang, who manages more than US$11bn (€10.2bn, £7.3bn) in funds for PAG, is also a founding member of its private equity arm. In addition, Chiang holds non-executive roles with Hong Kong firms Sands China and Pacific Century Premium Developments (PCPD), which specialises in premium property development and management.
"Rachel brings with her a wealth of experience in the Asian consumer and property markets,” said Sir John Sunderland, non-executive chair at Merlin. “Her efforts will prove invaluable as Merlin increasingly focuses its resources and efforts towards this region."
Merlin recently signalled its intent to capitalise on the Chinese market following a visit to the UK by the country’s President Xi Jinping. During the visit, the operator announced plans to build a US$300m (£194m, €265m) Legoland theme park in Shanghai as a joint venture between Merlin and Chinese investment firm China Media Capital (CMC). In addition, Merlin said that other midway opportunities in China will be explored by the joint venture, including the Dungeons, Legoland Discovery Centres and attractions with DreamWorks IPs such as Kung Fu Panda and Shrek.
At the time Merlin CEO Nick Varney called China a “key growth market” for the group, with the CMC partnership “providing a significant opportunity to accelerate our plans”. Merlin currently runs five attractions in China, with plans for three further attractions to open in the next 18 months.
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