China’s Wanda to Offer $160 Million Annual Finance to Bring Productions to China

The Dalian Wanda Group, which owns AMC and the largest cinema chain in China, is to set up a pool of finance to to accompany its gigantic studios and festival facility in Qingdao, East China.

The company is understood to be considering providing RMB1 billion ($160 million) of annual financing to lure productions from outside China, that acts like a location incentive or subsidy for films that make use of its production and post-production facilities.

Construction of the Oriental Movie Metropolis began last year and completion is expected in stages from 2016.

The finance was announced by company founder Wang Jianlin at a presentation to Hollywood and Chinese executives. Those execs included Weinstein Co. COO David Glasser, dealmaker John Sloss and Alibaba production head Zhang Qiang, according to the Wall St. Journal.

Wang said that the Qingdao local government may offer further subsidies of 10%.

The Oriental Movie Metropolis will span shooting stages, post-production facilities, a festival center, a film museum, a theme park and a high end marina.

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