A launching ceremony was held on September 22 for the Qingdao Oriental Movie Metropolis, a film and television industry project with the world's largest investment funded by a total investment of more than 50 billion yuan from the Wanda Group.

A number of officials and Hollywood celebrities including Leonardo DiCaprio and Nicole Kidman attended the ceremony.

The event drew much attention from media worldwide. Following are excerpts of some of the media reports.

The presence of a flock of Hollywood heavyweights including Leonardo DiCaprio and John Travolta at the unveiling of a $8 billion investment project in the eastern Chinese city of Qingdao today underscores how Wang is making big waves in the global movie and entertainment business in a much shorter time. more>>

----Forbes

While China's film industry is at the beginning of a golden age, Dalian Wanda Group, controlled by Chinese property tycoon Wang Jianlin, has acted as its most audacious investor. more>>

----South China Morning Post

"We would like to invest in film production, and we'd like to partner with directors, actors and filmmakers from Hollywood," he said. "They need to know the Chinese market is growing very fast, and they should come as early as possible.'' more>>

----Los Angeles Times

The project marks the latest step for China as it seeks to take on Hollywood's financial and artistic dominance of the global film industry. more>>

----The Guardian

The world has a new movie mogul, and the Samuel Goldwyn of our age is Chinese. more>>

----The Telegraph

Mr. Wang said it would be years before China can catch up with Hollywood. Still, he said, "I strongly believe that China will be the center of the global film industry." more>>

----The Wall Street Journal

The centerpiece of the planned Qingdao complex will be a suite of 20 fully equipped, state-of-the-art film studios—one of which will be designed specifically for filming underwater scenes. more>>

----Bloomberg Businessweek