China is expected to be the largest box-office in the world by the end of the decade, and already Hollywood blockbusters such as Iron Man 3 and Looper have been co-produced with China. The country's increasing prevalence on the cinematic circuit looks set to increase with the announcement of the Oriental Movie Metropolis, the most expensive film complex yet built.

Announced this weekend with the likes of John Travolta and Nicole Kidman in attendance, the studio is expected to cost somewhere in the region of €6 billion to build. It will be located in the costal city of Qingdao, and include twenty sound stages (including one dedicated underwater stage). It won't just be a film studio though: the space will also include seven luxury hotels, a yacht club, convention centre and amusement park, with the expectation that it will become a significant tourism hub as well as production centre.

The project will be the latest undertaking for Dailan Wanda Group, a rapidly expanding company that has its roots in real estate development. Chairman Wang Jianlin is said to be China's wealthiest man, with a personal fortune estimated at €10.5 billion. This is not Jianlin's first move into cinema: earlier this year, his company successfully bought out AMC Theatres - the second largest chain of cinemas in the U.S. - in a deal worth around €2 billion.

As reported by Reuters, Wang stated "the Oriental Movie Metropolis is a major step in China's strategy to become a global cultural powerhouse". He expects his company to become one of the top twenty entertainment companies in the world within the next few years, as well as at least doubling Wanda Group's revenue by 2020.

Although it might be the most expensive studio, India's 2000 acre Ramoji Film City will retain the status of world's largest studio complex. It offers 47 sound stages, and has also grown into a major tourist destination.

(Image: Wikimedia Commons)