Asia's first and the world's largest Peppa Pig outdoor theme park will open in Shanghai in 2027, according to toy and game company Hasbro and Max-Matching Entertainments Co., Ltd. on Wednesday.

With an investment of over 2.4 billion yuan ($338 million), the park will cover approximately 290 mu (nearly 20 hectares) in Changxing island in the Chongming district of Shanghai, which is about 90 km -- or an hour-and-a-half drive -- north of Shanghai's city center.

The park will boast innovative features, new themed areas, rides, an immersive show, and a themed hotel specifically designed for the Chinese market, especially with its three-generation family in mind, said Owen Zhao, president of Max-Matching Entertainments.

"The Peppa Pig outdoor theme park will further enhance Shanghai as a global tourism destination and propel its economy. The greater footfall will lead to more exposure for Changxing island, Chongming and Shanghai, and benefit overall infrastructure and connectivity," said Cai Xiaofei, deputy director at Changxing Island Administrative Committee.

Matt Proulx, senior vice president of global experiences, partnerships and music at Hasbro, said the company will continue to work to bring Peppa Pig outdoor theme parks and memorable live experiences to more cities for Chinese children and families to enjoy.