Wang Jianlin, China’s richest man and the chairman of property and entertainment conglomerate Wanda, is breaking ground on a 30 billion yuan, or $4.9 billion, film studio, which he promises will be the world’s largest

September 22, 2013 Leave a comment

September 21, 2013, 9:32 p.m. ET

China’s Wanda Group Breaks Ground on $4.9 Billion Film Studio

Chairman Promises It Will Be World’s Largest

LAURIE BURKITT

QINGDAO, China—Wang Jianlin, China’s richest man and the chairman of property and entertainment conglomerate Dalian Wanda Group Corp., is breaking ground on a 30 billion yuan, or $4.9 billion, film studio, which he promises will be the world’s largest. The “Qingdao Oriental Movie Metropolis,” set to open in 2017 in the eastern Chinese port city of Qingdao, will include a 10,000 square-meter film studio and 19 smaller facilities, along with a theme park similar to Universal Studio’s in Miami, Wanda said in a statement Sunday. The project will also include a permanent auto show, a yacht center, an international hospital, as well as hotels and bars, the statement said.The move comes as China has been cheering on the rise of homegrown studios big enough to take on the likes of Sony 6758.TO +0.24% or Warner Bros. China’s leaders want a domestic industry savvy enough to produce films that will have international appeal and spread China’s charm abroad in the way Hollywood has done for the U.S.

Wanda already has inroads in film production. One of its most recent production credits includes the Keanu Reeves-directed film “Man of Tai Chi.”

Mr. Wang’s global profile has grown in recent years, as his closely held Wanda Group announced in 2012 the $2.6 billion acquisition of U.S. cinema chain AMC Entertainment Holdings Inc. In August, the group closed the acquisition of British yacht maker Sunseeker International Ltd. He also announced plans this summer to open a luxury hotel and development in London with a total investment value of £700 million ($1.09 billion), as well as a hotel project in New York later this year.

Wanda runs 38 five-star hotels, 71 shopping plazas, 57 department stores and 6,000 cinema screens across China. The massive real-estate portfolio has helped place Mr. Wang in the top ranks of China’s richest citizens.

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