Wang Jianlin, China’s richest man, is breaking ground on a 50 billion yuan ($8.2 billion) mega-entertainment complex that will recreate Hollywood.
The chairman of property-and-entertainment congolomerate Dalian Wanda Group Corp said his company will build a state-of-the-art studio complex in the eastern Chinese city of Qingdao.
The massive entertainment center will include a theme park, a film museum, a wax museum, 20 studios—including a permanent underwater studio—and a 10,000 square-meter (108,000 square-feet) stage, which Wang said will be the world’s biggest.
A yacht marina and eight hotels will also be built to attract tourists.
Wanda has signed agreements with “a number of global film and television giants and talent agencies” to invite Hollywood stars such as Nicole Kidman and Leonardo DiCaprio and produce about 30 foreign films a year.
The statement from the company also said it will enlist 50 domestic film- and television-production firms to work with Wanda to produce 100 homegrown films and shows each year.
The Qingdao Oriental Move Metropolis is expected to be fully operational by 2017.
Wang said he hopes the art studio complex would boost his company’s bid to dominate China’s rapidly growing movie market.
“It’s my dream,” Wang said during an interview. “When I decided in 2005 to enter the film industry, opening theaters, 99% of our stakeholders were opposed, saying the investment wouldn’t pay off. But I decided to chase my dream. Now look at this market.”
By: Maesie Bertumen
Image of Hollywood Road, Hong Kong: yeowatzup/Flickr