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SHANGHAI - A joint venture of US-based DreamWorks Animation and a consortium of Chinese companies will be located in Shanghai's West Bank Media Port, government authorities said Thursday.
The joint venture, Oriental DreamWorks, will be a flagship project for the development of the cultural industry in the West Bank Media Port, which is located in Xuhui district, Chen Chengquan, chief of the district's culture bureau, said at a press conference on Shanghai's film industry.
The joint venture will be between DreamWorks Animation and three State-owned enterprises, Shanghai-based China Media Capital, Shanghai Media Group and Shanghai Alliance Investment Limited, with animated film production as its main business, according to an agreement signed by all parties in February. A recreation zone consisting of cinemas, restaurants, bars and theaters is also included in the project.
Chen did not disclose when construction would start.
With a preliminary investment totaling $330 million, the Chinese side will hold 55 percent of Oriental DreamWorks' shares and DreamWorks Animation will take up the remaining 45 percent.
Located on the west bank of the Huangpu River, the 19-hectare West Bank Media Port will be engaged in turning itself into a cultural landmark featuring film and TV production and digital entertainment.
Projects from renowned media and movie giants like Sony Pictures and Hong Kong-based TVB will also be introduced here, said Chen.