Wang Jianlin, chairman of Dalian Wanda Group, speaks during an interview at the official launch of Qingdao Oriental Movie Metropolis in Qingdao, Shandong province on September 22, 2013. Photo provided to China Daily

Wanda's plan: Street talk

Plans of an annual international film festival to be held in Qingdao, a coastal city of Shandong province is gaining support from the Academy of Motion Picture Arts and Sciences, according to Wang Jianlin, chairman of Dalian Wanda Group, who will host of the future film event.

Wang, the real estate tycoon who was named China's richest person by Forbes magazine earlier this month, said the Qingdao International Film Festival will be held every September starting in 2016. The film festival is currently awaiting government approval.

"Deals have been signed between Wanda and the Academy about supporting Wanda in hosting the festival and it would be one of the world's top international film festivals within three to five years, and hence change the status quo of China's lack of global film brands," Wang said.

Want made the remarks at a news conference held after the launch ceremony of the Qingdao Oriental Movie Metropolis complex, an enormous film and TV development on Sunday.

Upon completion in 2017, the Qingdao project will boast 20 sound stages, including the world's first underwater studio, a massive convention and exhibition complex, a sprawling shopping mall within an indoor amusement park and seven resort hotels.