China's Dalian Wanda courts Hollywood with film subsidy

Dalian Wanda Group will offer a 40 percent rebate to qualifying producers who use its new studio in Qingdao, China, the company announced at an event in Los Angeles where executives called for more collaboration between U.S. and Chinese filmmakers.

The incentive will be paid from a five-year, $750 million fund created by Wanda and the local government in Qingdao, officials told a group of Hollywood executives in producers seated in a theater at the Los Angeles County Museum of Art.

"This is an opportunity for Hollywood, not a competition for Hollywood," Wanda Chairman Wang Jianlin said from a podium on stage, speaking through a translator.

Wang, a billionaire who is China's richest man, has been the biggest Chinese dealmaker in Hollywood, buying "Jurassic World" producer Legendary Entertainment and U.S. cinema chain AMC Entertainment Holdings.

He is now trying to lure Hollywood filmmakers to a new multibillion-dollar production studio and entertainment district in Qingdao, a city on China's eastern coast.

Dalian Wanda is a real estate and media conglomerate. Two of its key listed units are Dalian Wanda Commercial Properties and Wanda Cinema Line Corp.