China's Dalian Wanda wooed Hollywood and urged producers to make films at its studio by offering a film subsidy. Fred Katayama reports.
The red carpet was out Monday night as China's biggest media mogul touted incentives to woo Hollywood. Los Angeles mayor Eric Garcetti introduced China's richest man, Wang Jianlin: SOUNDBITE: ERIC GARCETTI, MAYOR, LOS ANGELES, (ENGLISH) SAYING: "To my friend, Chairman Wang. Welcome to your second home in Los Angeles." The U.S. has practically become a second business home to Wang's company, Dalian Wanda. He owns "Jurassic World" producer Legendary Entertainment and cinema chain AMC Entertainment and has deals to buy Carmike Cinemas and Dick Clark Productions. He urged Hollywood filmmakers to come use his gigantic new production studio in the east coast Chinese city of Qingdao. He dangled a 40 percent rebate on certain filming costs there. That puts Wanda in competition with several U.S. states that offer tax incentives to lure producers. Another lure: Wang predicted China's box office would catch up to that of North America by 2018. To make it in China, he said filmmakers need to include what he called "Chinese elements" in their movies. Some lawmakers are concerned about the impact Chinese investments could have on U.S. media. Wang said he was speaking from a "business perspective," not a political one. Hs rebate is - in his words - "an opportunity for Hollywood, not a competition for Hollywood."