Facebook Twitter Google Plus Vimeo Youtube Feed Feedburner

Business Home LBoard

DreamWorks-China JV to open US$3.1b Shanghai theme park

August 7, 2012

SHANGHAI: DreamWorks Animation SKG Inc and its Chinese joint venture partners will open a theme park in Shanghai by 2016, with a total investment amount of 20 billion yuan (US$3.14 billion), the companies said today.

The creator of “Shrek,” together with its joint venture partners – China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Ltd – will also cooperate to produce “Kung Fu Panda 3” in 2016, the joint venture said in a statement.

“Without question, China has what is needed to make great animation film… this is a perfect fit for us at DreamWorks,” Jeffrey Katzenberg, CEO of DreamWorks, told a news conference.

A sharp rise in China’s box office revenues, backed by a moneyed middle-class willing to pay top prices for a trip to the cinema, is luring Hollywood to one of its largest untapped markets.

Walt Disney Co broke ground on its planned Shanghai Disneyland last year. Its Shanghai theme park is estimated to cost 24.5 billion yuan, with hotels and additional facilities costing another 4.5 billion yuan.

In May, News Corp agreed to buy a stake in Chinese movie distributor Bona Film Group Ltd.
DreamWorks’ theme park, Dream Centre, will be located in the Xuhui district of Shanghai, said Li Ruigang, chairman of China Media Capital said, adding he hoped it would become China’s Broadway or West End.

DreamWorks announced in February it will create a China JV called Oriental Dreamworks that will develop and produce Chinese animated and live-action content for distribution within China and around the globe.



Readers are required to have a valid Facebook account to comment on this story. We welcome your opinions to allow a healthy debate. We want our readers to be responsible while commenting and to consider how their views could be received by others. Please be polite and do not use swear words or crude or sexual language or defamatory words. FMT also holds the right to remove comments that violate the letter or spirit of the general commenting rules.

The views expressed in the contents are those of our users and do not necessarily reflect the views of FMT.