Image: Shanghai's new theme park will open by 2016
DreamWorks Animation and its Chinese joint venture partners have announced plans to open a new theme park in Shanghai by 2016.
It is estimated that the Dream Center - which will be marketed as a cultural and entertainment destination - will cost around RMB20bn (US$3.14bn, 2.5bn euro, £2bn) to build.
To be built on a T-shaped block on Shanghai's Xuhui Riverside, the attraction will feature designs from a number of international architectural masters and incorporate theatres, cinemas, creative enterprises, attractions, restaurants and commercial facilities.
Dream Center will be built close to the Media Port of the West Riverbank, with the aim of creating Shanghai's new landmark – a world-class cultural destination that is envisioned to be comparable to New York's Broadway and London's West End.
Guangshao Tu, deputy mayor of Shanghai, said: "The DreamWorks project will play a vital role in speeding up Xuhui's development.
"People's lives will be enriched with brand new and high-quality urban cultural and entertainment services, and a stage will be built for creative industry workers to pursue and realize their dreams."
As part of the park plans, DreamWorks also announced the creation of Oriental DreamWorks to strengthen the company's position in the Chinese entertainment market.
Oriental DreamWorks is a joint venture established by China Media Capital, Shanghai Media Group, Shanghai Alliance Investment and DreamWorks Animation.
The Chinese companies will hold a majority stake of approximately 55 per cent in Oriental DreamWorks and DreamWorks Animation will hold 45 per cent.
Xuhui Riverside is one of the key regions to be explored in Shanghai during the governments 'National Twelfth Five-Year Plan' period, which includes a separate three-year plan for Xuhui.
To read the full announcement
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