Wanda's recent films include The Warring States, Holding Love and Warriors on the Rainbow: Seediq Bale. [Photo provided to China Daily]

Another major move Wanda has made to identify itself a significant player in the cultural industry was the acquisition of AMC, the second-largest US theater chain. Insiders believe the move reflects Wanda's deep understanding and rapid response to national policy.

In September, Wanda paid $2.6 billion for AMC Entertainment and its 5,048 screens in North America. It also plans to spend $500 million on theater renovations and technological upgrades.

"It is not likely Wanda will show Chinese films in these theaters any sooner," said Wang Guohua, director of the Cultural Industry Research Institute, affiliated to Beijing University of Technology. "The fact that the company now has powerful outlets in the US, allied to China's rise as a soft power, will help to promote Wanda globally as a cultural industry player."

Wang believes a critical test for Wanda's development of its cultural business will be whether it can produce quality content.

"This is so far the most urgent challenge Wanda has had to face to become one of the world's leading media groups, such as Disney and Warner Brothers," he said. "In the long term, the success of a cultural enterprise is evaluated not only by its revenue, but also its cultural products; works that touch, influence and change the way people look at the world."

Creativity and investment

Wanda is well aware of that factor. In the Forbes interview, Wang Jianlin categorized the most popular cultural products as "innovative, dramatic, entertaining, but not preaching".

The group claims to have invested $80 million to produce movies and television content. In 2011 it produced or co-produced six films, and plans to produce more than 10 films annually after 2013. If it meets the target, the company will become the largest producer of films and TV on the Chinese mainland.

Wanda has also worked with the Franco Dragone Entertainment Group in the US on preparation for staging shows in five major Chinese cities, that the Wanda chairman said will be equal to the best performances in Las Vegas. The first show, set to be staged in Wuhan, Hubei province, will premiere in 2014.

It is still too early to tell whether Wanda will produce great cultural works, but senior cultural critic Tan Fei is optimistic about the "cultural flagship", as the company has been nicknamed. "Wanda did not start as a cultural industry player, but as a property developer, so its capital and marketing ability is far better than most cultural companies on the Chinese mainland now," he said.

Ben Ji, a senior industry insider and marketing director of Reach Glory Media Group, hoped Wanda will gain experience from working with top US companies.

"Hollywood has produced the best in terms of universally favored cultural products," he said. "The productions involve subtle techniques and decades of experiences. Wanda's cultural enterprise, starting with its exhibition business, will benefit a lot from its global partners."

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Contact the reporter at liuwei@chinadaily.com.cn