Dreamworks to build $2.4B entertainment complex in China

[cirr]

By Associated Press

March 20, 2014 | 12:05pm

DreamWorks Animation CEO Jeffrey Katzenberg poses with 'Po' from 'Kung Fu Panda.' The third installment of the movie will also be co-produced in China. Photo: Getty Images

SHANGHAI — DreamWorks Animation and Chinese partners unveiled designs on Thursday for a 15 billion yuan ($2.4 billion) entertainment complex in Shanghai, expanding Hollywood’s growing ties with China.

The “DreamCenter,” due to open in 2017, will have a 500-seat IMAX cinema with international film festivals and red carpet events in mind, bars, restaurants and performance venues, the companies said. It will also showcase a “Dream Avenue” theater district modeled on London’s West End and New York City’s Broadway.

The project is led by “Kung Fu Panda” and “Shrek” maker DreamWorks Animation, Chinese investment fund CMC Capital Partners, whose owners include state-owned companies, and Hong Kong developer Lan Kwai Fong.

“This will become the world’s third great urban center of entertainment and arts alongside New York’s Broadway and London’s West End,” said DreamWorks Animation CEO Jeffrey Katzenberg at a news conference in a former cement factory, which will become one of the performance venues.

The area near the 2010 Shanghai Expo site in the city’s west will also include the headquarters of animation production company Oriental DreamWorks, a joint venture between DreamWorks and Chinese partners which will produce “Kung Fu Panda 3.”

The 15-hectare (40-acre) site includes eight outdoor events plazas.

The project gives Shanghai an opportunity to diversify beyond its status as a financial and manufacturing center by adding media and cultural industries.

Another project highlighting Hollywood’s influence in China is Shanghai Disneyland, the first Disney park on the Chinese mainland. It is scheduled to open in the city’s Pudong district at the end of next year.

Dreamworks to build $2.4B entertainment complex in China | New York Post

 

[cirr]

Galaxy to Build China Resort Near Macau

By Dow Jones Business News, March 19, 2014, 10:08:00 AM EDT

By Kate O'Keeffe

HONG KONG--Macau gambling company Galaxy Entertainment Group Ltd. said Wednesday that it recently signed a framework agreement to build a 10 billion yuan ($1.6 billion) resort on a nearby island China hopes to transform into a thriving city at the heart of the Pearl River Delta.

Unlike Galaxy's megaresorts in Macau, which has ballooned into a $45 billion gambling market, this project wouldn't have a casino. The rationale for building the resort, the first such project set to be built by one of Macau's six casino operators, is to complement Galaxy's business in the territory, differentiate it from competitors and help develop Macau into a global tourism center, the company said.

The project could also score the company political points with China, which has embarked on an ambitious plan to turn sleepy Hengqin Island, located across a narrow waterway from Macau, into a diversified hub to augment its neighbor, the world's casino capital.

In 2005, U.S. casino company Las Vegas Sands Corp. unveiled a plan to invest more than $1 billion in a new nongambling convention center, hotel, and retail complex in Hengqin, but it never materialized.

Hengqin's future was unclear until 2009 when Xi Jinping, then vice president of China, said the central government had decided to develop the island, which is three times the size of Macau and located at the crossroads of that city, Guangdong and Hong Kong. Later that year, China approved a plan to build the University of Macau's new campus, a $1.3 billion pilot project, on Hengqin.

Since then, many other projects have been announced, including a massive marine-themed resort built by Guangdong Chimelong Group Co. that opened earlier this year. Property-to-ports conglomerate Shun Tak Holdings Ltd.--run by Pansy Ho, the daughter of Macau gambling patriarch Stanley Ho--recently unveiled plans to build a Hengqin project with hotel, office and residential components.

In total, there are plans for more than 50 projects in Hengqin across seven industries including tourism, financial services, education and technology, according to a Chinese government website about the island. Hengqin has attracted more than CNY226 billion ($36.5 billion) in investment, according to the site.

Galaxy's luxury resort, which is planned to be built along Hengqin Island's waterfront on a 2.7 square kilometer piece of land, could incorporate "bungalows like the Maldives," said Deputy Chairman Francis Lui.

The casino operator also said its net profit grew 36% to 10.1 billion Hong Kong dollars (US$1.3 billion) last year, and it declared a special dividend of HK$0.7 a share. After the release of the results, which included a fourth quarter that slightly missed analyst estimates, shares of Galaxy fell 2.7% to HK$72.10 on the Hong Kong Stock Exchange.

Next year, Galaxy plans to open the second phase of its flagship property in Macau's Cotai area, nearly doubling the size of that massive casino-resort. All five of Galaxy's competitors--Las Vegas Sands, Wynn Resorts Ltd., MGM Resorts International, SJM Holdings Ltd. and Melco Crown Entertainment Ltd.--are also planning to open new casino- resorts in Cotai over the next few years.

Grant Govertsen, an analyst at Union Gaming Group, called Galaxy's development pipeline in Macau and Hengqin " second to none," reiterated his buy rating on the company and raised his price target to HK$89 from HK$67.

Amid talk of casino expansion in places such as Japan, South Korea and Taiwan, Galaxy said it is also looking for partners to build overseas, without elaborating.


Read more: Galaxy to Build China Resort Near Macau--Update - NASDAQ.com

 

[Yogi]

Isn't Dreamworks owned by Reliance Entertainment...

Anyways Congrts to China

 

[eazzy]

^ There's two DreamWorks, the cool one and the average one, Reliance owns the average one.

I love DreamWorks movies, they are way better than those uninteresting Pixar movies.

 

[Beidou2020]

Shouldn't allow these Yankees to brainwash our youth with their pro-Yankee propaganda.

CPC is starting to make mistakes.

 

[TheTruth]

Suddenly, Western parasites just love China so much. Too bad they treat their own Chinese minorities worse than shit, or we all might be stupid enough to believe it.

 

[Beidou2020]

Suddenly, Western parasites just love China so much. Too bad they treat their own Chinese minorities worse than shit, or we all might be stupid enough to believe it.

Western parasites love money. If they can make money, they don't care about anything else.

 

[TheTruth]

True, that might be too kind to them though. Many Western parasites have shown they're willing to be poorer if their actions hurts a non-white 10x as much. Like in Iraq. They're willing to pay trillions and sacrifice soldiers to kill Muslim children.

They would be willing to pay much, much more to murder Chinese babies.

 

[bolo]

Western parasites love money. If they can make money, they don't care about anything else.

but unfortunately so do many chinese traitors...