Wanda lures Hollywood to China with 40 percent rebate offer
Posted October 18
BEIJING — Chinese entertainment giant Wanda is offering producers a rebate of 40 percent to promote its $8 billion movie studio in eastern China.
The site in the port city of Qingdao is due to open in August 2018. Wanda says it has established a film and TV industry development fund together with the city government that will offer Chinese and international producers a rebate of 40 percent of their production expenses.
The announcement Monday is the latest by Wanda to promote its growing entertainment brand globally, even as U.S. lawmakers raise concerns about the company's investment in Hollywood.
Last month, a group of U.S. lawmakers called for closer scrutiny of Chinese investment like Wanda's in the entertainment industry. They are concerned those moves could limit creative freedom or promote Chinese propaganda.