News / Asia

Stars Come Out As China Mogul Announces $8 Billion Film Park

American actor John Travolta (L) shakes hands with fans as he arrives for the launch ceremony of the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao, China, September 22, 2013.American actor John Travolta (L) shakes hands with fans as he arrives for the launch ceremony of the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao, China, September 22, 2013.
x
American actor John Travolta (L) shakes hands with fans as he arrives for the launch ceremony of the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao, China, September 22, 2013.
American actor John Travolta (L) shakes hands with fans as he arrives for the launch ceremony of the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao, China, September 22, 2013.
Reuters
China's richest man, property developer Wang Jianlin, raised the curtain on a planned 50 billion yuan ($8.17 billion) “motion-picture city” which he described as the biggest-ever single investment in the movie and television industry.
 
Property developer Wang Jianlin, 58, founder of Dalian Wanda Group, was surrounded by Hollywood stars John Travolta, Nicole Kidman and Catherine Zeta-Jones on Sunday as he launched his most ambitious project yet in the picturesque coastal city of Qingdao.
 
When completed in 2017, the Oriental Movie Metropolis will boast 20 sound stages, including the world's first underwater studio, a massive convention and exhibition complex, a sprawling shopping mall with an indoor amusement park and seven resort hotels.
 
The project also will include a yacht club with 300 berths.
 
"Major step" for China

“The Oriental Movie Metropolis is a major step in China's strategy to become a global cultural powerhouse,” Wang said.
 
It was not only crucial to the development of Wanda's entertainment business, he added, but also an important step for building China's cultural brand.
 
Wang Jianlin, chairman of Chinese property developer Dalian Wanda Group, sits in a meeting room as he arrives for the launch ceremony for the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao September 22, 2013.Wang Jianlin, chairman of Chinese property developer Dalian Wanda Group, sits in a meeting room as he arrives for the launch ceremony for the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao September 22, 2013.
x
Wang Jianlin, chairman of Chinese property developer Dalian Wanda Group, sits in a meeting room as he arrives for the launch ceremony for the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao September 22, 2013.
Wang Jianlin, chairman of Chinese property developer Dalian Wanda Group, sits in a meeting room as he arrives for the launch ceremony for the Qingdao Oriental Movie Metropolis on the outskirts of Qingdao September 22, 2013.
For Wang, who was named by Forbes as China's richest man with personal wealth of $14 billion, the Qingdao project also represents the latest move by Wanda Group to parlay its real estate and shopping mall development into a leisure and entertainment empire.
 
Wanda Group, which is privately held, has invested in 72 Wanda Plazas across China, along with 40 five-star hotels. The company also owns 6,000 movie screens, 62 department stores and 68 karaoke centers.
 
More recently, the company has turned to offshore markets to expand its real estate and leisure investment. Last year, Wanda closed its $2.6 billion buy-out of U.S. cinema chain AMC Entertainment. Wang this year also announced a 1 billion pound ($1.57 billion) British investment that included the purchase of Sunseeker, Britain's largest luxury yacht maker by sales.
 
The Wanda chairman told Reuters earlier this month that he could afford to spend as much as $5 billion every year to buy foreign firms or assets.

Wanda Group’s ambitious plans

In an interview on the sidelines of Sunday's ceremony, Wang said that he expected Wanda Group revenue to increase to $30 billion this year, and to continue to increase by $10 billion every year.
 
Wanda Group says it has total assets of 300 billion yuan ($49.01 billion) and annual revenue for 2012 of 141.7 billion yuan ($23.15 billion).
 
“We will have more than $50 billion in revenue two years from now,” he said. “In 2020, we will have at least $100 billion, even by conservative estimates.”
 
Offshore hotel investment is a major focus of the company's strategy. “In the next eight to ten years, we will build high-end hotels in major cities around the world,” he said.
 
To reach the site of Oriental Movie Metropolis, which is planned as a 376-hectare, eight-phase development, it's necessary to drive about one hour from downtown Qingdao past rows of upscale apartment complexes that appear partially occupied.
 
Wang, who started his own film production company in recent months that has met with mixed success, explained that movies were a “sunrise industry” in China. He expects Wanda to be among the world's leading 20 entertainment companies by 2016.
 
He declined to discuss financing for the new project, although he has not ruled out the use of partners or of debt.

You May Like

Kurdish Party Pushes Political Gamble to Run in Turkey Poll

HDP announces it will run as political party instead of fielding independent candidates in June election, but faces tough 10 percent threshold More

Twitter Targets Islamic State

New research shows suspending Twitter accounts of Islamic State, its supporters has been effective; group, its backers are facing 'significant pressure,' says terrorism expert More

Video Former Sudan 'Lost Boy' Becomes Chess Master in NYC

Majur Juac made the leap from being a refugee in Africa to a master chess champion in US, where he shares his expertise with students More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
NASA Monitors Earth’s Vital Signs From Spacei
X
Rosanne Skirble
January 27, 2015 5:05 PM
The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video NASA Monitors Earth’s Vital Signs From Space

The U.S. space agency, NASA, is wrapping up its busiest 12-month period in more than a decade, with three missions launched in 2014 and two this month, one in early January and the fifth scheduled for January 29. As VOA’s Rosanne Skirble reports, the instruments being lifted into orbit are focused on Earth’s vital life support systems and how they are responding to a warmer planet.
Video

Video Saved By a Mistake - an Auschwitz Survivor's Story

Dagmar Lieblova was 14 when she arrived at Auschwitz in December 1943, along with her entire Czech Jewish family. All of them were to die there, but she was able to leave after several months due to a bureaucratic mix-up which saved her life. Now 85, with three children and six grandchildren, she says she has a feeling of victory. This report by Ahmad Wadiei and Farin Assemi, of RFE/RL's Radio Farda is narrated by RFE’s Raymond Furlong.
Video

Video Weekly Protests in Korea Keep Japanese WWII Atrocities Alive

Every week in Seoul protesters gather in front of the Japanese Embassy to demand an apology and reparations from Tokyo for the thousands of South Korean women who were forced into prostitution during World War II. Although this year marks the 70th anniversary of the end of the war, these protestors have helped keep the issue of comfort women alive and made it difficult for Japan to move beyond its past wartime atrocities. VOA's Brian Padden reports from Seoul.
Video

Video Exercise: New Prescription for Parkinsons Disease

Exercise could be the new prescription for Parkinson's Disease, a progressive disorder of the nervous system that affects movement. More than six million people worldwide suffer from Parkinsons and they're traditionally treated with medication and surgery. Shelley Schlender has more.
Video

Video Brussels Shaken as New Greek Leader Challenges Europe’s Austerity Drive

Greece’s youngest-ever prime minister, 40-year-old Alexis Tsipras, was sworn in Monday after his victorious far-left Syriza party entered a coalition with far right rivals. Tsipras says he will restore dignity to Greece by ending spending cuts. So begins a new chapter for the country at the epicenter of Europe’s economic crisis - a change that has sent tremors across the continent, as Henry Ridgwell reports from London.
Video

Video Obama Urges Closer Economic Ties During Historic India Visit

U.S. President Barack Obama says the United States and India must do better to capitalize on untapped potential in their economic relationship - by removing some of the roadblocks to greater trade and investment. As VOA correspondent Aru Pande reports from New Delhi, Obama spoke after participating in India’s Republic Day celebration.
Video

Video White House Grapples With Yemen Counterterrorism Strategy

Reports say the U.S. has carried out a drone strike on suspected militants in Yemen, the first after President Barack Obama offered reassurances the U.S. is continuing its counterterrorism operations in the country. The future of those operations has been in question following the collapse last week of Yemen’s government. VOA White House correspondent Luis Ramirez reports.
Video

Video Worldwide Photo Workshops Empower Youth

Last September, 20 young adults from South Sudan took part in a National Geographic Photo Camp. They are among hundreds of students from around the world who have learned how to use a camera to tell the stories of the people in their communities through the powerful medium of photography. Three camp participants talked about their experiences recently on a visit to Washington. VOA’s Julie Taboh reports.
Video

Video US, Japan Offer Lessons as Eurozone Launches Huge Stimulus

The Euro currency has fallen sharply after the European Central Bank announced a bigger-than-expected $67 billion-a-month quantitative easing program Thursday - commonly seen as a form of printing new money. Henry Ridgwell reports for VOA from London on whether the move might rescue the eurozone economy -- and what lessons have been learned from similar programs around the world.
Video

Video Oil Price Drop Troubles Texas Producers

As oil prices have fallen over the past several months, drilling operations have slowed in some parts of the United States - including Texas, the state that surpasses all others in energy production. The Lone Star State’s energy output has been boosted in recent years by development of resources trapped deep below ground in the Eagle Ford shale deposit, which stretches across south central Texas. As VOA’s Greg Flakus reports from Karnes City, Texas, the drop in oil prices has created concerns,
Video

Video Nigerian Elections Pose Concern of Potential Conflict in 'Middle Belt'

Nigeria’s north-central state of Kaduna has long been the site of fighting between Muslims and Christians as well as between people of different ethnic groups. As the February elections approach, community and religious leaders are making plans they hope will keep the streets calm after results are announced. Chris Stein reports from the state capital, Kaduna.
Video

Video As Viewership Drops, Obama Puts His Message on YouTube

Ratings reports show President Obama’s State of the Union address this week drew the lowest number of viewers for this annual speech in 15 years. White House officials anticipated this, and the president has decided to take a non-traditional approach to getting his message out. VOA White House correspondent Luis Ramirez reports.

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More

All About America

AppleAndroid