DreamWorks to open entertainment complex in Shanghai

DreamWorks Animation (DWA. NASDAQ) will partner with Shanghai Media Group to develop a US$3.1 billion entertainment district in Shanghai, stepping up its rivalry with the Walt Disney Company (DIS.NYSE) as both companies compete for a stronger foothold in the Chinese market, The Wall Street Journal reported. The complex, which will be known as the Dream Center, will feature the DreamWorks Animation name as well as its associated properties. The complex is slated to open in 2016, the same year as Shanghai Disneyland. Unlike the Disney park, the Dream Center will feature few theme park attractions. Instead, it is set to include amenities such as the world’s largest IMAX (IMAX.NYSE, IMX.TSE) theater and music venues. The investments of both companies reflect the growing importance of ticket sales in China and tie-ins that boost the value of the companies’ properties.