China’s richest man, billionaire Wang Jianlin, made most of his fortune over the course of two decades in the real estate business. The presence of a flock of Hollywood heavyweights including Leonardo DiCaprio and John Travolta at the unveiling of a $8 billion investment project in the eastern Chinese city of Qingdao today underscores how Wang is making big waves in the global movie and entertainment business in a much shorter time.
The Qingdao Oriental Movie Metropolis will boast an area that covers 3.7 million square meters, and include a film and television industrial park, a film museum, a celebrity wax museum, a film exhibition center, an extreme car show, a tourism city, resort hotels, a yacht club, a seaside bar street, an international hospital and a global IMAX research center. The complex is expected to be “operational” in 2017, Wanda said.
One of Wang’s goals: To help turn China into a cultural industry powerhouse. “Qingdao Oriental Movie Metropolis is a major measure to implement the national policy of building a cultural power, a major strategy for Wanda’s cultural development, and a major attempt to create China’s global cultural brands,” Wang said in a statement.
The investments will also add a Hollywood-Los Angeles flavor to Qingdao, whose beaches, seafood and German-inspired beer culture also make it a popular tourist spot in the country. “Qingdao Oriental Movie Metropolis will revolutionarily improve the level of cultural industry in Qingdao, greatly upgrade the level of tourism in Qingdao and even transform Qingdao’s position to turn it into a city of global film and television cultural tourism,” Wang said.
Besides DiCaprio and Travolta, other top actors and actress on hand on a sunny day in Qingdao today included Nicole Kidman, Ewan McGregor, Catherine Zeta-Jones and Ewan McGregor, among others. Zeta-Jones and DeCaprio won a warm applause when the veered to the side of a red carpet to sign autographs and press the flesh with fans. Zhang Ziyi, Jet Li and Tony Leung were among the Greater China stars on hand. Senior executives from Sony, Universal and Warner were also among those who attended. It was estimated that Wanda spent more than $2 million on DiCaprio alone for today’s event. Wanda will team up with the Academy of Motion Picture Arts and Sciences of the U.S. for a film festival to be held every September starting in 2016.
Forbes estimated earlier this month that Wang surpassed Chinese beverage billionaire as the country’s richest main, with an estimated fortune of $14 billion. The 2013 edition of the Forbes China Rich List will be unveiled soon.
Wang’s wealth mainly comes from his commercial real estate business, Dalian Wanda Commercial Property, which runs 72 Wanda Plaza shopping centers and 40 five-star hotels, and has a net worth of $16 billion. Wang’s real estate-related business partners include Wal-Mart and Starwood. The business is about 64% owned by Wang and his family.
Dalian Wanda Group last month followed up on its $2.6 billion purchase of AMC in 2013 by applying for a U.S. listing. The U.S. push is in line with a slogan on Wanda’s website: “Wanda’s Ambition: International Wanda and Centuries-old Business.” Wang back home also runs one of the largest movie theatre chains in China and has partnered with IMAX.
Wang’s moves at AMC come amid optimism about the entertainment industry’s outlook in China. Consulting firm PwC projects that spending on firm entertainment industry fun will increase by 15% annually during the next five years. Bona Film Group of China recently said it would set up a $163 million fund with Sequoia Capital and Noah Holdings of China to invest in film content. Already, Wanda’s U.S. and China theatre businesses combined make Wanda the industry’s global leader.
China, supported by relatively strong economic growth, had the second-largest number of billionaires on the 2013 Forbes Billionaires List with 122 members. Renewable energy entrepreneur Li Hejun has joined the billionaire ranks following a run-up in the price of his Hong Kong-listed Hanergy Solar Group, according to a Forbes estimate also published this month. – Follow me on Twitter @rflannerychina
No comments:
Post a Comment