China's richest man to build world's largest film studio

China's richest man Wang Jianlin Sunday said he would build the world's biggest film studio in the city of Qingdao.

Wang, owner of Dalian Wanda Group, intends to invest 30 billion yuan (almost $5 billion) in the Qingdao Oriental Movie Metropolis, which will consist of 20 studios, including one - which he says will be the world's largest - of 10,000 sq m and a permanent underwater stage.

The 540-hectare park will include a movie theatre, wax museum, exhibition centre, yacht club, hotels and other cultural and tourist facilities.

Expected to be completed by 2017, the park will host around 30 foreign production groups and at least 100 domestic teams annually.

The property and entertainment conglomerate, who acquired the America-based cinema operator AMC last year, has high hopes for China's film industry, estimating the nation's box office will surpass that of the US by 2018.

The centre is part of Wang's cultural development strategy and an attempt to create Chinese cultural brand.