Dalian Wanda Group, owned by China's richest man Wang Jianlin, unveiled a plan on September 22 to establish a massive movie industry project in the coastal city of Qingdao, east China's Shandong Province, with investments of more than 50 billion yuan ($8.2 billion). This is part of Wang's cultural development strategy and an attempt to create a Chinese cultural brand abroad.

The property and entertainment conglomerate intends to invest in the Qingdao Oriental Movie Metropolis, consisting of 20 studios including one—which Wanda says will be the world's largest—of 10,000 square meters and a permanent underwater stage.

The 540-hectare Qingdao Oriental Movie Metropolis will also include a movie theater, wax museum, exhibition center, yacht club, an international movie festival, hotels and other cultural and tourist facilities.

Wang, who acquired the America-based cinema operator AMC in 2012, has high hopes for China's film industry, estimating the China's box office will surpass that of the United States by 2018. He expects domestic film revenue to be double that of the United States by 2023.

Scheduled to be completed in 2017, the park plans to host around 30 foreign production groups.