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.
(Read more: China's Luxe Tastes Spur Deal to Buy Yacht Maker)
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.
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.
(Read more: China property immune to tapering: China's richest man)
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.