China's Wanda to unveil production subsidy at Hollywood event: source

Mon Oct 17, 2016 3:36am EDT
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By Lisa Richwine

LOS ANGELES (Reuters) - China's Dalian Wanda Group plans to unveil a subsidy scheme to attract Hollywood filmmakers to its new multibillion-dollar studio in the eastern Chinese city of Qingdao, a person with direct knowledge of the plan said.

The chairman of the property-to-entertainment conglomerate, Wang Jianlin, is expected to unveil the scheme, which offers to subsidize 40 percent of production costs, at an event hosted in Los Angeles on Monday evening.

The subsidy will be jointly funded with the local Qingdao government, said the person, who asked not to be identified.

The subsidy will apply to feature films and television shows. Costs eligible for the rebate include stage and equipment rentals, set construction and local accommodation.

A Wanda spokesman declined to comment.

A Qingdao government spokesman said he was not familiar with the plans.

Wanda's billionaire chairman is building a footprint in Hollywood through a series of deals, part of China's growing investment in the U.S. entertainment industry.

The company has bought "Jurassic World" producer Legendary Entertainment and U.S. cinema chain AMC Entertainment Holdings. Wanda also signed a marketing and co-financing deal with Sony Pictures, a unit of Japan's Sony Corp.   Continued...

Wang Jianlin, chairman of Chinese property developer Dalian Wanda Group, answers a question during a Reuters interview in Qingdao, Shandong province, September 22, 2013.  REUTERS/Jason Lee