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Download Dalian Wanda Group announced on Sunday plans to establish a huge movie industry project in Qingdao, Shandong province, with an investment of more than 50 billion yuan ($8.2billion). The 3.76-million-square meter Qingdao Oriental Movie Metropolis will have a film and television industrial park, a film and TV convention and exhibition center, resort hotels and a yacht club. "We spent about four years considering the project," said Wang Jianlin, chairman of Wanda Group, one of China's leading property conglomerates. Wang said the company originally had intended to build just a movie studio, but given the unstable cash flow and high risk of the film and TV industry, it decided to extend the project to include tourism and commercial property. "We value highly the importance of the ratio of cash flow over liability, and the cash flow of the tourism industry and commercial property is stable and predictable compared with the film and TV sector," Wang said. Back lots in the film and TV industrial park will feature multiple scenes, including European settings, ancient Chinese capitals in the Ming and Qing dynasties, and the Arab world. Wanda Group has reached preliminary agreements with a number of global movie companies and casting agencies to ensure the facilities are put to good use. Deals have been made for about 30 foreign movies a year to be shot in Qingdao Oriental Movie Metropolis. In addition, more than 50 domestic film and TV production companies are scheduled to produce around 100 films and TV series there per year. | 
