Legendary Pictures

Wanda sell-off of massive Chinese movie studio is latest retreat from Hollywood

Wanda sell-off of massive Chinese movie studio is latest retreat from Hollywood

In 2013, Chinese billionaire Wang Jianlin unveiled plans for a moviemaking metropolis in the coastal city of Qingdao, with state-of-the-art film and TV soundstages and a massive water tank to draw big Hollywood productions.

Celebrities such as Leonardo DiCaprio and Nicole Kidman flew out to witness the unveiling of what was supposed to be the centerpiece of Wang’s efforts to make China a film business destination.

Less than four years later, Wang, the chairman of real estate conglomerate-turned-media-giant Dalian Wanda Group,

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