China’s richest man is courting Hollywood studios with a new movie metropolis in the city of Qingdao that will subsidise their production costs to the tune of $150m a year.
The studio complex adds to a sprawling entertainment empire assembled by Wang Jianlin, chairman of Dalian Wanda Group. It includes a $3.5bn stake in Legendary Entertainment; the largest cinema chain in mainland China; and AMC Theatres, set to be the biggest chain in the US once it completes the acquisition of Carmike Cinemas.
The free-spending Mr Wang has become the toast of Hollywood for his deep pockets, and is seen as a bridge linking the US film industry to the lucrative Chinese film market.
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