The World's Largest Film Studio is being planned by a Chinese group.

China's Dalian Wanda Group revealed plans to create the world's largest film studio complex in Qingdao on Sunday, making it the company's latest headline-grabbing move. apartments for rent

The Oriental Movie Metropolis will span 540 acres and have 20 studios, as well as the world's first permanent underwater studio. The business announced at the announcement ceremony, which included such Hollywood A-listers as Leonardo DiCaprio, John Travolta, Nicole Kidman, and Catherine Zeta-Jones, that one of the studios will be the world's largest, covering 10,000 square meters.

In a statement, Wanda Group chairman Wang Jianlin stated, "Qingdao Oriental Movie Metropolis is a key step to implement the national policy of building a cultural power, a key strategy for Wanda's cultural industry development, and a huge attempt to create China's global cultural brands."

Mr. Wang, who was just crowned China's richest man, owns 100% of Dalian Wanda, a company that specializes in retail construction and shopping complexes. AMC Entertainment, a movie chain established in the United States, was purchased for $2.6 billion last year.

In recent months, Dalian has been aggressively chasing overseas properties, including the acquisition of a £700 million London property and the announcement of ambitions to expand its luxury hotel business.

According to the company's press release, the studio's plan calls for "a film museum, a film and television star wax museum, a film exhibition center, a vehicle limit show, Wanda Cultural Tourism City, resort hotels, a yacht club, a seaside bar street, an international hospital, and other projects."

In Qingdao, Mr. Wang plans to duplicate many aspects of Hollywood, including a Hollywood sign in the hills.

Mr. Wang told the Wall Street Journal, "It's my dream." "When I chose to enter the film sector in 2005 and open theaters, 99 percent of our stakeholders were against it, claiming that the venture would be a waste of money. But I made the decision to pursue my goal. Take a look at the current market."

 

Industrial Deals in Hong Kong Have Slumped.

As speculators were driven out of the market by new government restrictions, the number of deals over HK$30 million in Hong Kong's industrial sector fell 65 percent in the second quarter compared to the previous quarter.

Only 25 deals exceeding HK$30 million ($3.87 million) were reported in the second quarter, compared to 72 in the first, according to Savills.

Factory prices remained unchanged in the second quarter as landlords were not in a hurry to sell, but the firm anticipates an increase in demand.

"While the speculative retreat has harmed volumes in the flattened factory sector," Savills' Simon Smith said in the study, "the first successful rehabilitation case should assist to boost demand for industrial premises in the near future."

The sale of the Kian Dai Building in Kwun Tong for HK$980 million (HK$4,551 per square foot) was the largest transaction executed in the second quarter. According to Savills, the property's location and pricing indicate that the buyer (a fund) was interested in the building's redevelopment/revitalization possibilities.

Industrial property vacancy rates were at 0.7 percent, with modern warehouse vacancy at 0.3 percent, thanks to active end customers and logistics firms looking for space between 20,000 and 30,000 square feet. During the second quarter, warehouse rents increased by 3.6 percent.

Rents and prices are expected to rise over the next six months, according to the business.

"However, in the near term, the three planned logistics centers in Tsing Yi (each covering roughly one million square feet) should assist to alleviate the supply scarcity issue and release pent-up demand in the industry," according to Savills.