Until now, because of safety issues, a lot of made-in-China labels are still under question over the safety and quality of the products. As the global factory, the Asian giant needs to overcome the stigma of the label associated with poor quality products.
However, it is another matter when it comes to the production of movies, heralded by Hollywood recognition of “Crouching Tiger, Hidden Dragon” 20 years ago. The acquisition by China’s Dalian Wanda group of Legendary Pictures, producer of quality Hollywood movies such as the upcoming "The Great Wall," indicates the emergence of China as a powerhouse when it comes to production of blockbuster Hollywood films.
Forbes cited that four of the top 50 highest-grossing films of all-time in China are masterpieces from Legendary Pictures. These are “Warcraft,” “Jurassic World,” “Interstellar” and “Pacific Rim.”
Hollywood movie producers have seen the wisdom the past few years in partnering with Chinese companies engaged in production, distribution and co-financing. Besides sharing the financial risks, it also expanded their international audience with the emergence of China as the second-largest movie market.
While the American production companies were picky before in entering into deals with foreign companies based on chances of financial success, Dalian Wanda played the game too by also buying its way to the top. It began with Dalian purchase of AMC Theaters in the U.S. in 2012, followed by its acquisition of the Hoyts Group, a cinema chain in Australia, in 2015.
Its buy-in of Legendary Pictures in 2016 made Wanda Film Holdings the biggest revenue=generating film company globally.
However, on Monday, Reuters reported that Wanda Cinema Line cancelled the plan to buy as well a sister company, Wanda Cinema, owner of Legendary Entertainment. It explained the change of plans to the $6-billion deal because of change in market conditions.