Wang Jianlin is the richest man in China. (Photo : Getty Images)
Analysts and movie makers alike are feeling nervous over the slow infiltration of the Wanda Group in Hollywood.
During an event on Oct. 17 at the Los Angeles County Museum of Art, Mayor Eric Garcetti proclaimed the chairman of the Dalian Wanda Group, China's richest man, an "honorary Angeleno."
"I'm glad this relationship is blossoming between Los Angeles and China," Garcetti said.
The Wanda Group has had numerous major investments in Hollywood. The company already owns AMC Entertainment and will be the world's largest exhibitor once it closes deals for Carmike Cinemas and Odeon.
The Wanda Group also owns Legendary Entertainment plans to build a major hotel and condo project in Beverly Hills.
Wang Jianlin, the world's richest man, and the CEO of the Wanda Group said that China's box office would grow at 15 percent a year for the next decade and will exceed North America as the world's largest film market in 2018.
He also announced that they will be opening a 408-acre compound and will be calling it the Quindao Movie Metropolis (Q.M.M.).
"We have a great need for talent, and the construction and operations of QMM will greatly increase Hollywood's work opportunities," Wang said. "Some technical talent may not find their way in Hollywood, but in QMM, they may find ways to make a better living."
According to Hawk Koch, Wang's adviser said he received enthusiasm from five of the six major studios for the project.
They're all excited," Koch said. "They've asked good questions."
However, Steve Dayan, secretary-treasurer of Teamsters Local 399, said that he is not convinced that the studios are even interested.
"What they announce and what studios or productions actually do are two different things," he said.
"Unfortunately, this is the reality of doing business in 2016. . . . Every jurisdiction that has a tax incentive is a potential poacher of jobs from Hollywood," he added.
