 Shrek's home may be Hollywood, but the iconic green orge is about to build a second home in Shanghai. DreamWorks Animation, which created Shrek way back in 2001, is linking-up with well-funded Chinese partners to build a $2.4 billion entertainment complex in Shanghai. Designs for the so-called "DreamCenter," due to open in 2017, were unveiled on Thursday. Dreamworks Animation shares were up 0.8% to $27.35 at midday. The move by DreamWorks is indicative of the continued global expansion of major American entertainment companies far from their Southern California base -- particularly into China. The Shanghai Disneyland theme park, the first Disney park on the Chinese mainland, is scheduled to open in the city's Pudong district at the end of next year. These projects lift Shanghai beyond its current status as a financial and manufacturing center by adding media and cultural industries. The "DreamCenter will have a 500-seat IMAX cinema with international film festivals and red carpet events in mind, bars, restaurants and performance venues, the companies said. It will also showcase a "Dream Avenue" theater district modeled on London's West End and New York City's Broadway. The project is led by "Kung Fu Panda" and " "Mr. Peabody & Sherman" maker DreamWorks Animation, Chinese investment fund CMC Capital Partners, whose owners include state-owned companies, and Hong Kong developer Lan Kwai Fong. The area near the 2010 Shanghai Expo site in the city's west will also include the headquarters of animation production company Oriental DreamWorks, a joint venture between DreamWorks and Chinese partners which will produce "Kung Fu Panda 3." The 40-acre site includes eight outdoor events plazas. DreamWorks Animation hasn't had a $200 million domestic grossing film since How to Train Your Dragon in 2010. DreamWorks Animation has eight films slated through 2016, including the sequels to How to Train Your Dragon 2 in June, and Penguins of Madagascar and Kung Fu Panda 3 next year. USA Today
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