Among the formality of an invite-only presentation at the Los Angeles County Museum of Art, Dalian Wanda Group unveiled its big plans to lure Hollywood production to China.
Speaking through a translator, Wanda Group Chairman Wang Jianlin announced $750 million in incentives over five years for Hollywood films to shoot at a $5 billion studio in Qingdao, China, that is scheduled to open fully in 2018. The offer of subsidies on everything from stage and set rental to post-production editing, up to the value of 40 percent of a film's budget, makes production in China a viable alternative to the likes of Canada and Romania.
In a flashy ceremony, an audience of Chinese and Hollywood production executives watched a sizzle reel and speeches from the Mayor of Los Angeles Eric Garcetti, and Cheryl Boone Isaacs, the president of the Academy of Motion Picture Arts and Sciences, and Wang announced his plan to give "opportunity for Hollywood, not competition."
China's richest man laid out the massive growth ahead for China's box office, projecting that it would quickly surpass that of the U.S. with potential have as many as three times the screens as in the U.S. within ten years. Wang said the best way for Hollywood studios to access this Chinese market was "through cooperation with Chinese film companies."