Exchange Database

Wanda's Hollywood premiere gets red-carpet welcome

Hollywood has welcomed a new neighbor from China with open arms - Wanda Group, China's largest commercial property developer and owner of the AMC theater chain. Wanda recently announced it would take over a plot at 9900 Wilshire Boulevard in Beverly Hills and invest $1.2 billion in advancing its presence in Tinseltown. For Beverly Hills, Wanda is not the first Chinese film and media company poised to invest here. In June, following the first ever Huading Awards presentation in Hollywood, Global Talents Media Group announced that it would establish an office in Beverly Hills this fall and make the Huading Awards an annual event in Los Angeles. To many Hollywood filmmakers, China, the second-largest market for movies, presents a big opportunity to make money outside of the US. Now, thanks to Wanda, that opportunity is just around the corner.
Outcomes: 
Analysts say Wanda's aim is to acquire the core competency of Hollywood. Their LA office will handle all investments in entertainment, including investment in local film production companies and global theatrical releases. Another thing analysts predict Wanda can take advantage of is the opening up of international co-production channels for many US filmmakers, allowing them to enter China without worrying about the quota system. Many studios today are seeking out official co-productions - in which a Chinese company works with an American studio in financing and creating a film - since it allows the film to bypass the Chinese foreign-film quota system and bring their distributors a 43 percent share of ticket sales, rather than the 25 percent allotted to foreign-made films.
Source: 

http://usa.chinadaily.com.cn/us/2014-08/13/content_18304870.htm

Government?: 
No
Type of Exchange: 
business
Partners: 
Wanda Group
Beverly Hills Conference
Visitors Bureau
Sponsor(s): 
Wanda Group
Participants (Types): 
media industry executives, investors, filmmakers
Exchange Date: 
Friday, August 8, 2014
Continuing: 
No
Image: 
Location: 
Beverly Hills, California
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