China's $8B plan to rival Hollywood

China’s richest man, Wang Jianlin, is planning to fund the construction of an $8.2 billion film and television production facility in Qindao, China, according to CNNMoney. The 1.5-square-mile Qingdao Oriental Movie Metro woould include hotels, theme parks and wax museums.

Jianlin’s firm Dalian Wanda Group bought AMC Entertainment Holdings last year for $2.6 billion, and Jianlin himself has a net worth of $22 billion.

Jianlin hopes to rival Hollywood and Disney with the studio’s production, as well as hold film festivals to challenge Cannes, the first of which is slated for 2016. He expects China’s box office revenue to surpass North America’s by 2018.

Read more at CNNMoney.