Dalian Wanda is luring Hollywood filmmakers with hefty 40 percent discount on some of the filming costs.

The rebate is available to filmmakers who opt for Dalian Wanda's studio in the city of Qingdao. 

Speaking at the Los Angeles County Museum of Art red carpet event, owner Wang Jianlin said the deal is meant to be an opportunity for Hollywood, and not for the purpose of competition.

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He also alluded his company's move to the burgeoning movie market in China.

Wang noted that the filmmakers need to add "Chinese elements" to their movies, to succeed in the growing market. He also predicted Chinese box office to grow 15 percent annually in the next 10 years.

In a video narrated by Hollywood actor Matt Damon, the company's film studio has been described as a complex closely replicating the coastal location of South California.

The video further revealed that the studio offers a temperate climate and clear air, and has already been booked by Legendary for shooting sequels of "Godzilla" and "Pacific Rim."

The complex, situated 450 miles north of Shanghai, is still under construction, but expected to be fully operational by 2018.

The incentive for shooting movies at the complex will be paid out of the five-year, $750 million fund created by Dalian Wanda in collaboration with the local government of Qingdao.

The Los Angeles event was attended by high profile studio executives and Hollywood peers. Among the attendees were Cheryl Boone Isaacs, president of the academy and Eric Garcetti, the mayor of Los Angeles. 

Tagshollywood, wang jianlin, Dalian Wanda