DreamWorks, Shanghai partners unveil collaborative blueprint

U.S. film giant DreamWorks Animation (DWA) and its Chinese partners said on Tuesday that they plan to co-produce upcoming film "Kung Fu Panda 3," as well as build an "entertainment destination" in Shanghai.

The news was announced at a signing ceremony held in the city to launch a landmark Sino-U.S. cultural project titled "Oriental DreamWorks."

The two parties confirmed that the long-anticipated third installment of the blockbuster "Kung Fu Panda" franchise is slated to be released in 2016 by DWA and Oriental DreamWorks (ODW), a studio established by DWA in partnership with a trio of Shanghai-based companies.

DWA and three Shanghai-based state-owned groups -- China Media Capital (CMC), the Shanghai Media Group and Shanghai Alliance Investment Limited -- signed a deal in February to form a joint venture focusing on animation production, with the Chinese companies acting as controlling partners.

The first two "Kung Fu Panda" films enjoyed great success in the Chinese market, with the second film taking in 470 million yuan (74.6 million U.S. dollars) at the box office.

ODW is expected to produce its first original animated film in 2017. Jeffrey Katzenberg, CEO of DWA, said previously that there are seven different proposals being considered for the film.

In addition, the two parties signed an agreement Tuesday to establish the "Dream Center" entertainment zone in the West Bank Media Port, which is located in Shanghai's Xuhui district.

Built with a total investment of more than 20 billion yuan, the zone will be made up of theaters, restaurants and bars, said Li Ruigang, CMC's chairman.

The West Bank Media Port, with the "Dream Center" as its flagship attraction, is expected to see 20 million visitors a year, according to data provided by the district government of Xuhui.

"In the long term, we may bring more entertainment zones to other domestic cities or even build them abroad," Li added.