TYCOON PLANS $8 BILLION CHINESE HOLLYWOOD

Insight Magazine September 24, 2013 0

Screen Shot 2013-09-23 at 8.48.14 PMWhat does the richest man in China spend his money on? Hollywood! Wang Jianlin, the wealthiest man in all of China, plans to spend 50 billion yuan ($8.2 billion) to build the country’s version of Hollywood in the northeastern city of Qingdao – aiming to dominate China’s quickly growing movie market.

Wang’s company, Dalian Wanda Group, will build a state-of-the-art film studio complex – The Qingdao Oriental Movie Metropolis. The Metropolis will house twenty studios and include a permanent underwater studio and 10,000 square-meter (108,000 square feet) stage – the world’s biggest. Furthermore, the Metropolis will include an Imax research and development center, cinemas and China’s biggest film and celebrity wax museum. And, a yacht marina, eight hotels and a theme park will be build to attract tourists. It’s basically the Disney World of movies.

Wang’s construction is tentatively scheduled to open in June 2016, and fully operational by June 2017. The company has signed a preliminary deal with “a number of global film and television giants and talent agencies” to shoot about 30 foreign films a year.

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