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Chinese entertainment firm Dalian Wanda has celebrated the grand opening of its ‘Movie Metropolis’ film studios.

Located in Qingdao in eastern China, the US$7.9 billion spans 162 hectares and is home to the world’s only integrated outdoor and indoor underwater studio.

Built partially on an artificial island, the complex also includes shopping malls, theme parks and a yacht club.

While China the world’s second-largest movie market, the new complex has been developed to attract domestic and international projects, including major Hollywood pictures.

Dalian Wanda Group’s billionaire Chief Executive Wang Jianlin said his his vision is to transform the city of Qingdao into a global film production hub.

Speaking at the project’s opening ceremony, Wang stated “we will boost the Chinese movie industry development.”

The Wanda Group has been under government pressure recently, particularly over its high profile foreign investments including acquisitions of Legendary Entertainment and AMC Theatres.

The group has also been shedding assets with all five of its large international projects offered up for US$6.6 billion. Its Australian holdings, worth US$1.13 billion recently sold to Chinese developer Yuhu Group, included luxury One Circular Quay hotel and apartment development in Sydney and the Jewel three-tower project on the Gold Coast.

Wanda had previously said the Movie Metropolis aimed to host five to six Hollywood projects in its first year of full operation in 2018. To date there’s been a lack of Hollywood projects taking up the offer.

However, generous subsidies for filmmakers have been promised by AMC Holdings and US studio Legendary Entertainment, controlled by Wang. The Qingdao Movie Metropolis opened its first studios in 2016, and has already hosted some Hollywood productions including The Great Wall which starred Matt Damon.

It marked the first major Hollywood film for a global audience to be set, filmed and produced in China. 

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