Chinas Richest Man Wang Jianlin Announces $8 Billion Film Park

Wang Jianlin announces his plan to create his own Hollywood in China.

Recently named China’s richest man, Wang Jianlin, the chairman of the Chinese property developer the Dalian Wanda Group, said he and the firm will put up a 50 billion yuan or $8 billion film park.

Described by Wang as a "motion-picture city," the Oriental Movie Metropolis will have 20 sound stages, a convention and exhibition complex, 108,000-square-foot film studio including the world's first underwater studio, a permanent auto show, a sprawling shopping mall, an indoor amusement park, an international hospital, seven resort hotels and bars and a yacht club with 300 berths.

It will be a 376-hectare film park, eight-phase development set to be completed in 2017.

"The Oriental Movie Metropolis is a major step in China's strategy to become a global cultural powerhouse," said Wang.  He also said he envisions Wanda to be one of the world's leading 20 entertainment companies by 2016.

The 58-year-old billionaire was surrounded with Hollywood A-list celebrities such as John Travolta, Catherine Zeta-Jones and Nicole Kidman when he announced this at Qingdao last week.  It is also rumored that he is working deals with Warner Bros., U.S. studios, Paramount Pictures, Lions Gate Entertainment Cort and Weinstein Co. who were also in Qingdao.

Wang was named by Forbes as China's richest man with a wealth of $14 billion. The Wanda Group has total assets of 300 billion yuan ($49.01 billion) and an annual revenue last year of 141.7 billion yuan ($23.15 billion). The group also owns 6,000 movie screens in China, 68 karaoke centers, 62 department stores and 40 five-star hotels.

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Chinas Richest Man Wang Jianlin Announces $8 Billion Film Park