While it is unlikely that the landmark Hollywood sign atop Mount Lee in the Hollywood Hills area of the Santa Monica Mountains will not be relocated atop the Great Wall of China, the location of biggest force in the entertainment business could change sooner than later.
Wang Jianlin the wealthiest man in China, wants to be a major player in the film industry, according to report from Knowledge at Wharton newsletter. Actually, he already is one … in case that is news to you. Wang’s real estate investment firm, Dalian Wanda, already owns a major chain of theaters houses in AMC Theaters.
Wang believes that China will surpass North America and become the leader in box-office revenue from movies by 2018 and be twice as large by 2023. Factoring in China’s population, the volatility of the U.S. market, and, that no business like show business knows how to follow the money, his assertion maybe a certainty whose time has come.
The founder of the real estate investing firm, Dalian Wanda, told the New York Times about his plans to build an $8-billion movie-themed real estate project in Qingdao.
….Wang’s project, called the Qingdao Oriental Movie Metropolis, will include the world’s largest studio (among several others), resort hotels, an indoor amusement park and movie theaters on a 930-acre site. Big-name Hollywood stars such as Leonardo DiCaprio, Catherine Zeta-Jones and Nicole Kidman were present at the project’s launch ceremony last month in Qingdao.