Tycoon Plans $8 Billion Chinese Hollywood

One of China's richest businessmen plans to invest 50 billion yuan ($8.2 billion) to build the country's version of Hollywood in the eastern city of Qingdao

Wang Jianlin said Sunday that his company, Dalian Wanda Group, will build a massive, state of the art film studio complex in a bid to dominate China's rapidly growing movie market.

The Qingdao Oriental Movie Metropolis will feature 20 studios, cinemas and a film museum. It's expected to be fully operational by 2017.

The company has signed a preliminary deal with "a number of global film and television giants and talent agencies" to shoot about 30 foreign films a year. It did not name the companies.

Dalian Wanda operates hotels and department stores and last year bought the AMC cinema chain for $2.6 billion.