(Yicai Global) Oct. 19 -- State-owned Overseas Chinese Town Enterprises Co. (OCT Enterprises), the operator of China's Happy Valley amusement park chain, has officially set up a new business, Happy Valley Cultural Tourism Development Co., as it looks to strengthen its presence in China amid intensifying competition from international firms The Walt Disney Co. [NYSE:DIS], Beijing Business Today reported recently.

Happy Valley currently has amusement parks in Shenzhen, Beijing, Tianjin, Shanghai, Chengdu, Wuhan, and Chongqing. The new company, to be operated independently, aims to boost the effects of its brand advertising.

The company's establishment also aligns with the strategic development concepts proposed by OCT Enterprises in recent years, consisting of culture, tourism and urbanization.

The firm has recently set up new branches across China to increase the growth of cultural tourism and urbanization.