The Qingdao government and Wanda Group are introducing a package of incentives to encourage productions to shoot at Wanda’s Qingdao Oriental Movie Metropolis.

At a summit held in Qingdao today, Wanda announced the launch of a $163m (RMB1bn) fund, which will offer grants to film and TV productions that mostly shoot at the studios. Wanda said it would invest in the fund, although fund management details are currently under discussion.

In addition, the Huangdao District Government will offer financial subsidies to production companies registered at the Qingdao Oriental Movie Metropolis. The subsidies will be granted at up to 10% of the production company’s annual revenue.

The Qingdao government is also rolling out a number of other policies to encourage banks and other financial institutions to launch loan products tailored to the needs of film and TV producers; implement a loan-related risk compensation mechanism for the industry; and facilitate IPO financing for film and TV programme producers.

“The move marks the first time a Chinese film and TV industry park whose investment management arm grants subsidies for producers registered with the park,” Wanda said in statement.

Speaking at the summit, Li Ming, chief of Qingdao’s Bureau of Culture, Radio, Television, Press and Publication, said the government recently finalised its film and TV industry support policies after conducting a full year of research, comparison and analysis.  

The Weinstein Company COO David Glasser, who attended today’s summit, said: “We are determined to become one of the earliest companies to bring films here for production.”

Huayi Brothers president Wang Zhonglei, said: “Nothing would keep us from joining as a permanent tenant. Qingdao Oriental Movie Metropolis is well on track to become the “Hollywood of China,” said Wang.

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