Kung Fu Panda 3 to be U.S.-Chinese co-production

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King Fu Panda 3

King Fu Panda 3

The third install­ment of Dream­Works Animation’s Panda series, “Kung Fu Panda 3″ will be made in China as a co-production with DWA, a new Chi­nese joint ven­ture announced Monday.

This is the first time that any major Hol­ly­wood ani­mated fea­ture film has been co-produced with a Chi­nese firm.

Kung Fu Panda 3, set for global release in 2017, will be the first ani­mated fea­ture to be pro­duced by Shanghai-based Ori­en­tal Dream­Works. The enter­tain­ment firm was launched in Feb­ru­ary to develop and pro­duce Chi­nese ani­mated and live-action mate­r­ial for dis­tri­b­u­tion in China and worldwide.

With­out ques­tion, China has what is needed to make great ani­ma­tion film.… this is a per­fect fit for us at Dream­Works,” DWA CEO Jef­frey Katzen­berg told a news conference.

Ori­en­tal Dream­Works is a joint ven­ture between Glen­dale, California-based DWA and China’s three largest media com­pa­nies, China Media Cap­i­tal, Shang­hai Media Group and Shang­hai Alliance Invest­ment Ltd.

Major Hol­ly­wood co-productions with China include the live-action The Expend­ables 2 and the upcom­ing Iron Man 3 from Disney/Marvel Studios.

Ori­en­tal Dream­Works announced the co-production dur­ing a cer­e­mony mark­ing the open­ing of its Shang­hai headquarters.

The joint ven­ture added that it will invest $3.14 bil­lion (20 bil­lion yuan) to open “Dream Cen­ter,” a shop­ping, din­ing and enter­tain­ment hub, in the Xuhui dis­trict of Shang­hai. It’s sched­uled to launch by 2016. China Media Cap­i­tal chair­man Li Ruigang said he hoped that it would become the Chi­nese equiv­a­lent of New York’s Broad­way or London’s West End.

Last year, the Walt Dis­ney Com­pany broke ground on its planned Shang­hai Dis­ney­land. The Shang­hai theme park is esti­mated to cost 24.5 bil­lion yuan, with hotels and other facil­i­ties cost­ing an addi­tional 4.5 bil­lion yuan.

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