China's richest man plans to invest $8.2bn to build the country's version of Hollywood in the eastern city of Qingdao.

Wang Jianlin said his company, Dalian Wanda Group, will build a massive, state of the art film studio complex in a bid to dominate China's rapidly growing movie market.

The Qingdao Oriental Movie Metropolis's 20 studios will include a permanent underwater studio and a 10,000 square-metre lot that Wang said would be the world's biggest.

The project is the single biggest investment in the history of the film and TV industry, aiming to rival Hollywood by 2017.

Al Jazeera's Rob McBride reports on the star-studded launch in China.

Source: Al Jazeera