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AKIPRESS.COM - China's Dalian Wanda has said it will give foreign movie and TV firms huge discounts to film at their new studio, according to BBC.
The firm has set up a five-year, $750-mln fund with the Qingdao government to give rebates of up to 40%.
Wanda, owned by China's richest person Wang Jianlin, aims to woo Hollywood directors to China.
It's another step to boost its Hollywood footprint after investing in cinema chains and a production studio.
At the announcement in Los Angeles, Wanda also called for more cooperation between U.S. and Chinese filmmakers.
"This is an opportunity for Hollywood, not a competition for Hollywood," Wang Jianlin said in Los Angeles.
He predicted that by 2018, China's box office will match the biggest – the United States and Canada – and grow by around 15% each year for the next decade.
This trend would mean that directors need to have "Chinese elements" to their movies, Wang explained. "You cannot try to just make money in the Chinese market and disregard Chinese tastes."