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DreamWorks Animation Plans Shanghai Entertainment District
New york Times/Global Business – by DAVID BARBOZA and BROOKS BARNES
DreamWorks Animation SKG, the Hollywood studio behind hits like “Shrek,” “Kung Fu Panda” and “Madagascar,” said on Tuesday that it planned to develop a $3.1 billion cultural and entertainment district in Shanghai with a group of Chinese partners.
The Dream Center, a riverfront complex to cover six large city blocks, has ambitions to rival the Broadway theater district in New York and the West End in London, with theaters, performance halls, restaurants, shops and an entertainment zone with a “Kung Fu Panda” theme.
The Chinese government is encouraging such projects, trying to strengthen the nation’s media and cultural industries while seeking to satisfy the tastes of its growing middle class, a tempting market for the American studios. Beijing also wants to rebalance growth by encouraging more consumer spending to go along with exports and investment.
The project also aligns with the grand ambitions of Shanghai, the wealthiest and most modern metropolis in China, to further burnish its credentials as a business and cultural center.
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