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Wednesday, April 9, 2008

Lion's Cheng, partners to invest RM7.7b in Dream City

The Lion Group's founder and owner, Tan Sri William Cheng, and several business partners will invest 17 billion yuan (RM7.74 billion) in a film studio and theme park in China's Yunnan province.

Private: Cheng's project doesn't involve Lion Group, say a source

"This is a private undertaking by Cheng. It doesn't involve any listed subsidiaries under The Lion Group," said a source close to Cheng.

The source also said that Cheng's business partners were not related to the listed subsidiaries or privately held companies under The Lion Group.

Bloomberg reported yesterday that the project, called Dream City, will be completed in five years and that the first phase of the project will cost three billion yuan (RM1.37 billion).

The project comprises a film studio, amusement parks, hotels, golf courses and a film school, said the report.

According to Hong Kong's The Standard online newspaper, Dream City will be equivalent to Universal Studios in the US.

It also said that Hong Kong-based film director Stanley Tong, who produced "Stone Age Warriors" and "Supercop", is involved in the Dream City project.

By New Straits Times (by Jeeva Arulampalam)

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