You are here: Home » Reuters » News
Business Standard

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

Reuters  |  LOS ANGELES 

By Lisa Richwine

(Reuters) - China's Group plans to unveil a subsidy scheme to attract 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 subsidise 40 percent of costs, at an event hosted in 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 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 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. also signed a marketing and co-financing deal with Sony Pictures, a unit of Japan's Sony Corp.

With the Qingdao studio, will be competing with dozens of U.S. states and countries including Britain and that have lured filmmakers out of with tax incentives and rebates.

Incentives typically range from 15 percent to 45 percent of certain costs, according to tax incentive specialists, making Wanda's subsidy among the world's highest.

The Qingdao studio is part of a large theme park and real estate development designed to become a Chinese version of Hollywood. The studio will attract at least five films a year with budgets of more than $100 million, alongside smaller Chinese productions, Wang told Reuters in August.

Two of the conglomerate's key listed units are Commercial Properties and Cinema Line Corp.

(Reporting by Lisa Richwine; Additional reporting by Jackie Cai in SHANGHAI; Editing by Cynthia Osterman and Simon Cameron-Moore)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

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

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.

By Lisa Richwine

(Reuters) - China's Group plans to unveil a subsidy scheme to attract 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 subsidise 40 percent of costs, at an event hosted in 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 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 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. also signed a marketing and co-financing deal with Sony Pictures, a unit of Japan's Sony Corp.

With the Qingdao studio, will be competing with dozens of U.S. states and countries including Britain and that have lured filmmakers out of with tax incentives and rebates.

Incentives typically range from 15 percent to 45 percent of certain costs, according to tax incentive specialists, making Wanda's subsidy among the world's highest.

The Qingdao studio is part of a large theme park and real estate development designed to become a Chinese version of Hollywood. The studio will attract at least five films a year with budgets of more than $100 million, alongside smaller Chinese productions, Wang told Reuters in August.

Two of the conglomerate's key listed units are Commercial Properties and Cinema Line Corp.

(Reporting by Lisa Richwine; Additional reporting by Jackie Cai in SHANGHAI; Editing by Cynthia Osterman and Simon Cameron-Moore)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

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

By Lisa Richwine

(Reuters) - China's Group plans to unveil a subsidy scheme to attract 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 subsidise 40 percent of costs, at an event hosted in 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 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 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. also signed a marketing and co-financing deal with Sony Pictures, a unit of Japan's Sony Corp.

With the Qingdao studio, will be competing with dozens of U.S. states and countries including Britain and that have lured filmmakers out of with tax incentives and rebates.

Incentives typically range from 15 percent to 45 percent of certain costs, according to tax incentive specialists, making Wanda's subsidy among the world's highest.

The Qingdao studio is part of a large theme park and real estate development designed to become a Chinese version of Hollywood. The studio will attract at least five films a year with budgets of more than $100 million, alongside smaller Chinese productions, Wang told Reuters in August.

Two of the conglomerate's key listed units are Commercial Properties and Cinema Line Corp.

(Reporting by Lisa Richwine; Additional reporting by Jackie Cai in SHANGHAI; Editing by Cynthia Osterman and Simon Cameron-Moore)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard