Chinese to buy Hollywood film studio for $3.5bn
Wanda Chairman Wang Jianlin, who is the richest person in China with a net worth of $30 billion, has revealed his strategy. The company will offer Hollywood producers incentives worth $750 million in the next five years to move to Qingdao, China to shoot at a $5 billion studio that will fully open in 2018.Wang said his plan is an “opportunity for Hollywood, not competition.” The Chinese tycoon added that within 10 years his country may have three times as many movie theaters as in the US, and the right way to get access to such a market is “through cooperation with Chinese film companies.””It’s hard to find people who understand the Chinese market,” Wang said.”Wanda offers something that none of its global competitors does: special access to the fastest-growing film market in the world,” said Jack Gao, the head of Wanda’s cultural industry group.
China has more billionaires than US
“We are able to provide productions with cost savings through an incentives fund, convenience through our Wanda Studios’ full, end-to-end production services center, and unparalleled access to Wanda’s distribution platform,” Gao added.Wanda group has been on a big buying spree in the entertainment business. After taking over US satellite and cable TV channel AMC in…