Sydney residents wanting to experience the majesty of imperial China may have to continue to travel further than Wyong, following the seeming disintegration of plans for a Chinese theme-park on the Central Coast.

The company behind the mooted "Chappypie China Time" theme park at Warnervale has apparently failed to make contractual payments for the purchase of land for the theme park.

And the Central Coast Council, which had contracted to sell the land to Australia China Theme Park, issued a mysterious statement this week saying it was seeking an "urgent meeting" with the company.

Should plans for the project irretrievably break down, it would be an ignominious and wasteful end to a scheme that at one stage promised a $500 million development for the region.