The studio behind Shrek and Kung Fu Panda initially signed the joint-venture deal with investment fund China Media Capital and Shanghai Media Group in February.
According to Kidscreen , one of the project’s most ambitious plans is to launch Dream Center, a more than US$3 billion entertainment hub in Shanghai featuring theaters, cinemas, creative enterprises, tourist attractions, the world’s largest IMAX screen, and restaurants. The hub is expected to open in 2016.
Also announced is Shanghai Oriental DreamWorks Film & Television Technology, a division that will focus on film and television content production that is anticipated to attract more than 2,000 animation film and television production professionals from China and around the world.
In addition, Oriental DreamWorks has announced that Kung Fu Panda 3 will be produced in China as a co-production and is set to be released worldwide in 2016 and distributed in 2017.
It will mark the first feature-length animated film created by Oriental DreamWorks, which also plans to release one to three movies per year and expand business into consumer products, online games, musicals, and live entertainment.