DreamWorks plans $3b China tourist attraction
Wed August 8, 2012 11:03am
THE creator of megahits like Shrek and Kung Fu Panda is planning to build a massive "entertainment zone'' in Shanghai.
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.
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 per cent 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.
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