Mogul Wang Jianlin plans to build world's biggest film studio in China

 China's richest man, Wang Jianlin, announced plans Sunday to build what he is touting would be the world's largest movie studio.

An $8.2-billion project to be named the Oriental Movie Metropolis, the development is to consist of 20 studios and a permanent underwater stage. It is to be located an hour outside Qingdao, a coastal city with more than 8.7 million people.

Wang, 58, the son of a Red Army veteran, is the billionaire owner of Dalian Wanda Group Corp., which last year acquired movie theater chain AMC Entertainment Inc. He was ranked this month asChina's richest man by the Hurun Report, which publishes its findings in Forbes magazine.