China’s Hollywood opens for business
Print Edition
A “movie metropolis” billed as China’s answer to Hollywood opened on Saturday, aiming to boost the domestic film industry and attract foreign producers.
A total of 50 billion yuan (US$7.9 billion) has been invested in building the studio complex in the port city of Qingdao, according to the project’s initiator, Chinese conglomerate Dalian Wanda.
The company is owned by one of China’s richest men Wang Jianlin.
The size of 500 football fields, the 376-hectare Qingdao Movie Metropolis features 30 studios with “the highest international standards,” according to Wanda.
It has already hosted some high-profile productions, including “The Great Wall” starring Matt Damon, and “Pacific Rim: Uprising.”
The company plans to build 10 more studios.
The vast complex includes a school, a hospital, luxury hotels and a yacht club inspired by one in Monaco.
The mini-city also features a giant mall with restaurants, an ice skating rink, shops and an amusement park as well as the biggest movie theater in Asia.
“This is the largest investment the global film and television industry has ever seen,” the company said.
Wanda snatched up Legendary Entertainment — maker of “Jurassic World” and Christopher Nolan’s “Batman” trilogy — for US$3.5 billion in 2016.
In a bid to ease its debt problems, Wanda last year sold dozens of hotels and other projects to Sunac and real estate firm R&F Properties for around US$10 billion.
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