China鈥檚 Hollywood opens for business
A 鈥渕ovie metropolis鈥 billed as China鈥檚 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鈥檚 initiator, Chinese conglomerate Dalian Wanda.
The company is owned by one of China鈥檚 richest men Wang Jianlin.
The size of 500 football fields, the 376-hectare Qingdao Movie Metropolis features 30 studios with 鈥渢he highest international standards,鈥 according to Wanda.
It has already hosted some high-profile productions, including 鈥淭he Great Wall鈥 starring Matt Damon, and 鈥淧acific Rim: Uprising.鈥
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.
鈥淭his is the largest investment the global film and television industry has ever seen,鈥 the company said.
Wanda snatched up Legendary Entertainment 鈥 maker of 鈥淛urassic World鈥 and Christopher Nolan鈥檚 鈥淏atman鈥 trilogy 鈥 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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