Luxury carmaker Ferrari will build a theme park in China, its third in the world next to Abu Dhabi and Spain, which is scheduled to open in 2017.

The company revealed that it has signed a non-binding agreement with China's Beijing Automotive and its Eternaland Property Co. responsible for the theme park's design, construction and operation.

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Although no specific details were revealed yet, reports confirm that the park will be located in a primary city in mainland China. The park will not owned or managed by Ferrari, but by a third party licensed firm.

Ferrari World is the only Ferrari-branded and world's biggest indoor theme park. It was named as the leading tourist attraction in Middle East last year by World Travel Awards, surpassing other destinations of including the Dubai's indoor ski resort and Burj Khalifa. It is also the home of the fastest roller coaster in the world since 2010 and the world's tallest non-inverting loop.

The automaker is expecting to see a return of growing sales in 2016 but only at a single-digit increment, according to Enrico Galliera, company's senior vice president of the commercial division.

Sergio Marchionne, Ferrari's chairman, further said that the company will soon issue a planned bond as markets were facilitative to doing so, Reuters reports.

Tagsferrari, theme park, Ferrari world