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August 6, 2012

DreamWorks to open $3.14bn entertainment centre in China

DreamWorks Animation SKG and its Chinese joint venture partners are planning to open a CNY20bn ($3.14bn) entertainment centre in Shanghai, China, by 2016.

By admin-demo

DreamWorks Animation SKG and its Chinese joint venture partners are planning to open a CNY20bn ($3.14bn) entertainment centre in Shanghai, China by 2016.

The centre, known as Dream Center, will be constructed on a T-shaped block on the Xuhui Riverside in Shanghai.

In February 2012, DreamWorks Animation formed a joint venture with China Media Capital, Shanghai Media Group and Shanghai Alliance Investment to build a Shanghai-based family entertainment company named Oriental DreamWorks.

Shanghai deputy mayor Guangshao Tu said that Xuhui Riverside is one of the key regions to be explored in Shanghai during the next National Twelfth Five-Year Plan period.

"The projects of Oriental DreamWorks will play a vital role in speeding up Xuhui’s development," Tu said.

Dream Center will feature various waterfront hotels, restaurants, shopping areas, galleries and studios, cafes, restaurants and bars.

The development will also include Dream Walk, an IMAX screen that can be used for film premieres and other events, as well as a central theatre area and an interactive animation exhibition.

The joint venture partners will select architects and designers for the design of Dream Center, which will incorporate plants and the elements of water, mud, coal, and oil that are located along the Xuhui Riverside.

DreamWorks Animation SKG has also signed a deal with the Chinese partners to build a $350m movie studio in the scheme.

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