Dalian Wanda Group on Monday (U.S. time) revealed details of an $8.2 billion Qingdao Movie Metropolis with a studio where 11 Hollywood films will be shot in the next three years, the company told the Global Times on Tuesday.
The announcement was made by Wanda Chairman Wang Jianlin at a special event hosted by Wanda in Los Angeles, the company said in a press release on Tuesday.
The Qingdao Movie Metropolis will include Wanda Studios, China's first world-class production facility in Qingdao, East China's Shandong Province.
The company said it has signed agreements with nine well-known film companies in the US.
Legendary Entertainment will shoot the next installments of Pacific Rim and Godzilla in the studio in Qingdao, said the company.
Other production companies such as Lionsgate, Arad Productions, Arclight Films, Kylin Pictures, Base Media, along with China Media Capital-backed Infinity Pictures have also agreed to shoot upcoming films at the studio, according to Wanda.
Wanda Studios will have 30 sound stages, including the world's largest stage and an advanced temperature-controlled underwater stage, which is scheduled to officially open in August 2018, said the company.
Wanda Group and the Qingdao government have also jointly established a development fund, according to the company.
The fund will support those qualifying projects from both Chinese and international producers, which will get a rebate of 40 percent of production expenditures in the Qingdao studio, such as in the stage rental and post production.
Wanda Studios is only one part of the Qingdao Movie Metropolis, which will include a convention center, showground, world-class shopping mall, six resort hotels and four indoor theme parks, said the company.
