Dragone Entertainment GmbH has signed a 10-year strategic co-operation agreement with Dalian Wanda Group, a commercial real-estate developer in China. The co-operation involves establishing a joint venture between the parties to develop, produce and operate live theatrical shows of a scale and quality unprecedented in China, which will be staged in properties developed and managed by the Chinese company.
Dragone is a leader in the creation and production of such spectacles, having produced innovative shows such as The House of Dancing Water in Macau and Le Reve in Las Vegas.
“With China’s burgeoning wealth, there is a growing market for top-end artistic entertainment, an industry that has yet to be fully tapped by foreign investors,” said Clifford Chance corporate partner Terence Foo, who led the team from his firm that advised Dragone on this transaction. Foo was assisted by consultant Jin Hao and associate Coco Liu in Beijing, and supported on the intellectual property aspects of the transaction by Hong Kong partner Ling Ho and senior associate Ann Chen in Shanghai. Dalian Wanda Group specialises in commercial properties, luxury hotels, cultural industries and chain stores, with investment projects in over 30 cities in China. It was represented by Jingtian & Gongcheng.