DreamWorks plans $3.2 bn China tourist attraction

DreamWorks Animation on Tuesday said it plans to build a $3.2 billion "entertainment zone" in Shanghai, as the US film giant seeks to bolster its presence in the booming Chinese market.

The studio's newly-formed China joint venture, Oriental DreamWorks, is set to open the tourism attraction in 2016, the creator of megahits like "Shrek" and "Kung Fu Panda" said in a statement.

The project -- called the Dream Center -- will comprise entertainment facilities, animation exhibitions and commercial developments including hotels and shopping areas in Shanghai's Xuhui district, it said.

The announcement comes after US entertainment giant Disney last year broke ground on a planned $3.7 billion theme park in Shanghai, scheduled to open in 2015.

However, one of the DreamWorks' Chinese partners denied being in competition with Disney, describing the project not as a theme park, but as an "entertainment zone".

"It's different from any other large cultural project in China, including Disneyland," Li Ruigang, chairman of China Media Capital was quoted as saying by the official Xinhua news agency.

DreamWorks in February announced plans for a $330 million joint venture company with three Chinese partners -- China Media Capital, Shanghai Media Group and Shanghai Alliance Investment -- to cooperate on film productions.

Tuesday's statement posted on DreamWorks' website said that joint venture had now been formally established, with the three state-backed Chinese firms together holding a majority 55 percent stake in the company.

Oriental Dreamworks will make the next "Kung Fu Panda" movie -- the third instalment in the hugely popular series -- in China as a co-production for release in 2016, the statement said.

It plans to release up to three major films a year, with its first feature-length animated film scheduled for global release in 2017, it said.

The huge commitment in local production comes even though Beijing maintains strict quotas which limit the number of foreign movies allowed into China.

Imports of foreign films into China on a revenue-sharing basis are currently limited to just 34 annually, though that was raised from 20 earlier this year.

Disney said in April it had joined an initiative to develop Chinese animation productions.

It will also co-produce Iron Man 3 in China with DMG Entertainment, as Hollywood seeks to tap into the fast-growing movie market.

China's box office grew an annual 35 percent to $2.0 billion in 2011, making it the second largest international market behind Japan, according to the Motion Picture Association of America.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • SE Asia Stocks-Mixed; Thai index slips ahead of economic data

    BANGKOK, May 22 (Reuters) - Most Southeast Asian stock markets were flat to weaker on Friday, with the Malaysia index hitting a more than two-month low and Philippines touching an over one-week low on ... …

  • China says U.S. actions in S.China Sea "irresponsible, dangerous"
    China says U.S. actions in S.China Sea "irresponsible, dangerous"

    By Sui-Lee Wee BEIJING (Reuters) - China said on Friday it was "strongly dissatisfied" after a U.S. military plane flew over part of the South China Sea near where China is building artificial islands, and called on the United States to stop such action or risk causing an accident. The Chinese navy issued eight warnings to the U.S. P8-A Poseidon, the U.S. military's most advanced surveillance aircraft, when it conducted the overflights on Wednesday, according to CNN, which had a team on board …

  • 2015 Hyundai Lateral Drift goes to Philippine Arena
    2015 Hyundai Lateral Drift goes to Philippine Arena

    The smell of burnt rubber and screeching tires are some of the highlights that will be seen at the most adrenaline-pumped drifting event of the year—the 2015 Hyundai Lateral Drift Championship series.   Held at the Philippine Arena in Bocaue, Bulacan, the event will be the biggest venue in the drifting competition. This is the […] The post 2015 Hyundai Lateral Drift goes to Philippine Arena appeared first on Carmudi Philippines. …

  • The Richest Senators In The Philippines
    The Richest Senators In The Philippines

    The 2014 Statement of Assets, Liabilities, and Net Worth for politicians and public servants are now available for anyone to … The post The Richest Senators In The Philippines appeared first on iMoney.ph. …

  • PHILIPPINES PRESS-AirAsia Philippines seeks $500 mln valuation for IPO - Inquirer

    The Philippine unit of Malaysian budget carrier AirAsia Berhad is seeking a valuation of at least $500 million for its initial public offering set within the next two years, the Philippine Daily Inquirer ... …

  • Consultant, facing joblessness, claims P5.9-M lotto pot
    Consultant, facing joblessness, claims P5.9-M lotto pot

    A 39-year-old information technology consultant, whose job contract will expire this month, has claimed his share of the 6/45 Mega Lotto’s P17.8-million jackpot in its May 13 draw, the Philippine Charity Sweepstakes Office (PCSO) announced yesterday. “I could not sleep for the past several days, thinking about where I could get the money to pay my children’s tuition,” the winner told PCSO general manager Jose Ferdinand Rojas II when he received a check for P5.9 million at the PCSO’s central …

  • Cager’s daughter: I will never drive again
    Cager’s daughter: I will never drive again

    Kim Asaytono vowed never to get behind the wheel again after she hit 14 people on Tuesday night and killed one of them. Even if she gets out of jail one day, the 22-year-old daughter of former Philippine Basketball Association player Nelson Asaytono said she no longer wants to drive. Maybe, I will still ride a car but I will never drive again,” she told The STAR in an interview in her jail cell at the Manila Police District headquarters. …

  • Disaster center to rise in Clark
    Disaster center to rise in Clark

    The private sector is set to build a disaster operations center near Clark international airport in Pampanga to strengthen the country’s preparedness against natural calamities. In his closing remarks during a two-day Earthquake Resilience Conference, businessman Manuel V. Pangilinan said yesterday the Philippine Disaster Recovery Foundation (PDRF) would build the center that would serve as base for immediate response to a disaster. Pangilinan, co-chair of the PDRF, said the disaster …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options