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Wang Jianlin, the chairman of China’s Dalian Wanda Group, unveiled plans for a massive .2 billion production facility in Qingdao at a gala event on Monday night.
Wang also detailed a plan to incentivize production at the sprawling studio complex by rebating up to 40% of a production’s costs.
“Wanda Studios and QMM lay the groundwork for a unified and streamlined global production community, and we are pleased to leverage our platform and significant infrastructure in China on behalf of our partners in the US and abroad.” The gala event — with appearances from L. Mayor Eric Garcetti and Academy president Cheryl Boone Isaacs — announced Wanda’s arrival in Hollywood with a flourish.
The company has been on a spending spree over the last few years.
“The Hollywood companies will be able to see less cost and more return,” he said, through an interpreter.
Wanda’s rampant acquisitions have raised alarms in Congress, where several members have urged greater scrutiny of China’s use of “soft power.” That may scare off studios that might otherwise be interested in taking advantage of the 40% subsidy to shoot in Qingdao, Rosen said.
“Production companies are going to be very careful not to go full steam ahead because Congress is watching,” Rosen said.
In 2012, it acquired AMC Entertainment for .6 billion.
A recent deal to purchase Carmike Cinemas for .1 billion would — if approved — make it the largest cinema operator in the U. The company has also moved aggressively into production, acquiring Legendary Entertainment earlier this year for .5 billion.
“Chinese municipalities are competing to be better known,” he said.
“(Wang) is helping to put them on the map.” “Wanda has continually worked to advance international collaboration, and we are pleased to introduce Wanda Studios and the ambitious Qingdao Movie Metropolis to filmmakers around the world,” Wang said in a press release announcing the news.