Wanda to build massive film complex

Dalian Wanda Group Corp, a leading commercial property developer in China, announced Friday that it would spend 50 billion yuan ($8.2 billion) to build the world's largest film and television industry complex in Qingdao, East China's Shandong Province.

Over 30 billion yuan of the total investment will be allocated to cultural tourism projects, the Wanda Group said in a statement.

The Qingdao Oriental Movie Metropolis will include a film studio, a film museum, and a film celebrity wax museum, and is expected to first open for business in June 2016 and be fully "operational" in 2017.