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Construction of the "DreamCenter" project, a media and entertainment destination, officially kicked off on Thursday in Shanghai.
The project, jointly created by the U.S.'s DreamWorks Animation (DWA), China Media Capital (CMC) and Hong Kong Lan Kwai Fong Group (LKF), is expected to be completed in 2017.
With a total area of 463,000 square meters in Shanghai's Xuhui District, the center will consist of 12 art, cultural and entertainment venues.
The site will consist of theaters and music halls; the headquarters of Oriental DreamWorks which will become Asia's leading animation production base; a 500-seat IMAX Cineplex tailor-made for premieres and red carpet events; and restaurant and bars.
These will be interconnected by eight themed outdoor plazas.
"As the home base for Oriental DreamWorks Studio for the creation of top-quality family entertainment, DreamCenter is the place where great entertainment is displayed, but also where it is created," said Jeffrey Katzenberg, CEO of DreamWorks Animation.
The concept of the "DreamCenter," which has been two years in the making, panned out in 2014 largely because China is beefing up its opening and reform levels, said Li Ruigang, Chairman of CMC Capital Partners.
The kick-off of the project will witness great cooperation between Hong Kong and Shanghai, according to experts.
Allan Zeman, chairman of LFK, said that he has been in Shanghai working with a posse of professionals in the past 1.5 years to come up with a plan that would "build the DreamCenter into a truly iconic landmark of design and creativity."
Wong Honwang, a veteran Hong Kong manager, said that experts from the special administrative region boast great experiences in terms of building cultural and entertainment centers, and will benefit the project.
"Hong Kong's experiences carry Chinese characteristics while comply with international standard," Wong said, adding that such experiences will contribute to the prospect of a highly successful media and entertainment resort in Shanghai.
The high-profile project is widely believed to become a landmark in China's tertiary industry, which is booming amid a shift in the country's industry structure.
Official statistics show that in 2013, the added value proportion of China's service sector surpassed that of the country's secondary industry for the first time, surging to 46.1 percent.
Meanwhile, the Chinese government is gearing up to take its tertiary industry into a new territory, issuing a circular in March that encourages the development of the tertiary sector, especially new and high-end services.
Huang Changyong, a professor with Shanghai Theater Academy, said that the circular will give a much-needed boost to the country's cultural and designing fields, including the "DreamCenter," by providing talents as well as preferential tax policies in the coming future.
Hong Kong enterprises can also expect an upgrade by participating in the industrial shift on the Chinese mainland, according to an earlier analysis by the Hong Kong Chamber of Commerce.
