Dalian Wanda Group Co Ltd announced on Sunday plans to establish a huge movie industry project in Qingdao, Shandong province, with an investment of more than 50 billion yuan ($8.2 billion).

The 3.76-million-square meter Qingdao Oriental Movie Metropolis will have a film and television industrial park, a film and TV convention and exhibition center, resort hotels and a yacht club.

"We spent about four years considering the project," said Wang Jianlin, chairman of Wanda Group, one of China's leading property conglomerates.