The Chinese government has approved the development of a world-class Universal theme park in Beijing, insiders said on Monday.

The overall investment in the Universal Beijing theme park will be more than 20 billion yuan ($3.2 billion). It will be jointly owned by Beijing Shouhuan Cultural Tourism Investment Co Ltd. (BSH Investment), a consortium of four state-owned companies, and Universal Parks & Resorts, a business unit of Comcast NBC Universal.

The Universal Beijing theme park and support facilities will occupy a 120-hectare site located northwest of the intersection of the Beijing-Harbin Expressway and the East Sixth Ring Road in Tongzhou District, Beijing.

The theme park will be accompanied by a Universal CityWalk entertainment complex featuring multiple retail, dining and entertainment opportunities, and a first-ever Universal-themed resort hotel, collectively forming the core components of the resort. Additional phases are planned, with the resort eventually encompassing 400 hectares.

Specific details for Universal Beijing as well as an opening timeframe will be announced at a later date, as BSH Investment and Universal Parks & Resorts formalize their agreement and complete all steps necessary to move this project forward.

For Tom Williams, Chairman and Chief Executive Officer of Universal Parks & Resorts, the theme park will blend China's rich cultural heritage with Universal Parks & Resorts' unique brand of compelling family entertainment.

The new destination is the latest project for Universal Parks & Resorts, which has theme park locations in Orlando and Hollywood as well as licensed theme parks in Osaka and Singapore. More than 35 million people visited Universal's theme parks around the globe in 2013 and experienced attractions such as Despicable Me Minion Mayhem, Jurassic Park River Adventure and more.

"Chinese people love the movies and exciting entertainment, and we are proud to introduce China's first Universal theme park and CityWalk, as well as the first Universal-branded hotel anywhere in the world," said Duan Qiang, Chairman of Beijing Tourism Group and BSH Investment.

According to Duan, Universal Beijing will showcase blockbuster movie themes and present entertaining family shows that will highlight the very best of popular culture.

"Universal Beijing will create a higher level of economic growth, understanding and cultural exchange between our two countries. Together, we will create a unique experience that spotlights hugely popular Western entertainment concepts as well as China's rich cultural legacy. This will be an opportunity to build relationships with the Chinese people on a direct and personal level," Williams said.