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00:00:01
>> Lights, camera, action. China's movie industry has been given a major boost with the launch of Qingdao Oriental Movie Metropolis. This sprawling studio complex in the northeast of the country covers an area equivalent to more than 200 football pitches. The group behind the development, China's Dalian Wanda, says it plans to turn the port city of Qingdao into a global film production hub.
00:00:26
>> It's filled an important gap in Chinese films history. It will boost the development of the Chinese movie industry and push Chinese films to the world stage.>> The $8 billion project was launched amid what some described as a rough patch between China and Hollywood. A handful of high-profile US-China film ventures have fallen apart in recent years and Hollywood's share of the Chinese market is losing ground.
00:00:50
Reuters' Adam Jordan is in Shanghai.>> Chinese films have really come to the fore, we've seen a drop in terms of the proportion of Hollywood films taking the Box Office here. I think it was around 45% back in 2013 now it has dropped to around a quarter so far this year.
00:01:06
What that means is that for Hollywood producers and Hollywood studios, China has become a more of a tricky proposition, that relationship is no longer quite in that golden period, but now a little bit more of a complicated prospect.>> Oriental partially opened in 2016, but so far the only major American movies to be produced there are legendary entertainments Pacific Rim Uprising, and the Great Wall.
00:01:31
Wanda previously said aim to host at least five to six Hollywood projects in its first year full operation in 2018.