In 2015, China's box office pulled in a record £5.46 billion in revenue. At its current rate of growth - over 2015, it was 48.7 per cent - it's set to overtake US revenues as early as the end of 2017. Of those total takings, 14 per cent ran through cinemas owned by Wang Jianlin's real estate conglomerate Dalian Wanda Group, which, following the acquisitions of the US's AMC Entertainment, Australia's Hoyts and Europe's Odeon & UCI, is now by far the largest exhibitor in the world.
China's share not only of the audience but of also of production is growing, too. In 2015, Hollywood's claim on its nation's moviegoers lost seven percentage points to homegrown film. For now, Hollywood's heritage still gives it an advantage over China's underdeveloped infrastructure and under-skilled workforce, but 62-year-old Wang - who spent the early years of his career working in property development - is betting that real estate can tip that balance.
Currently under construction, his Qingdao Oriental Movie Metropolis will include not only a 30-soundstage film studio, but also amenities ranging from a yachting club to luxury hotels and theme parks, with the aim of drawing the talent the industry needs from all over the world.
The largest Chinese-American co-production to date, Great Wall has already filmed at the site and Wang's announcement of a 40 per cent production rebate alongside a financing and marketing partnership with Sony is likely to draw many more such collaborations in the future. But he doesn't just want to bring Hollywood to Quingdao - he wants to buy it. Last January, Dalian Wanda acquired Legendary Pictures, the production house behind Jurassic World, making it the first major US movie studio to come under Chinese ownership. If Wang has his way, it will not be the last.
This article was originally published by WIRED UK
