China's richest man to spend billions creating 'China's Hollywood'

China’s richest man plans to invest 50 billion yuan (€6 billion) to build the country’s version of Hollywood in the eastern city of Qingdao.

Wang Jianlin said his company, Dalian Wanda Group, will build a massive, state-of-the-art film studio complex in a bid to dominate China’s rapidly growing movie market.