DreamWorks will co-produce “Kung Fu Panda 3″ in China and open an entertainment complex in Shanghai

7 August 2012 11 h 10 min Comments Off

As expected, DreamWorks Animation and its Chinese partners announced today plans to co-produce the next “Kung Fu Panda” movie and develop an entertainment district in Shanghai, expanding Hollywood’s fast-growing ties to China.

“Kung Fu Panda 3″ will be produced in China and released in 2016, according to DreamWorks Animation SKG Ltd. and its state-owned local partners – China Media Capital, Shanghai Media Group and Shanghai Alliance Investment. The movie will be produced by a new joint venture, Shanghai Oriental DreamWorks Film & Television Technology Co. DreamWorks will own 45 percent of the company and the Chinese partners will hold stakes totaling 55 percent.

Oriental DreamWorks plans to release one to three films per year and will employ as many as 2,000 production professionals, the partners said. They said it aims to become the largest animation production base in China and also will explore opportunities in tv content, online games, musicals and consumer products.

The planned “Dreamworks entertainment district” will be located in Shanghai’s Xuhui area and will require investment of more than 20 billion yuan ($3.2 billion). The complex will include studios as well as cinemas, theaters, restaurants and tourist attractions. It is due to open in 2016, the partners said.

Oriental DreamWorks Chinese partners are:

. China Media Capital, whose owners include state-run China Development Bank, which owns a controlling stake in News Corp.’s China television channels and other media assets

. Shanghai Media Group operates television and radio broadcasters.

. Shanghai Alliance Investment is an arm of the Shanghai government.

Dreamworks is not alone. Shanghai will become the Animation Oasis in China with the future opening of Walt Disney’s first park and studio facilities in Mainland China. Disney also announced in April that the third episode of its “Iron Man” franchise would be co-produced with Beijing-based DMG Entertainment.

Sources: agencies, xinhua (07/08/2012)

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