MGM To Anchor 200,000-SF Lifestyle Center

SHANGHAI-Launching a campaign that will expose the media giant to China “in a big way,” Metro-Goldwyn-Mayer Studios has signed a licensing agreement allowing for construction of a new lifestyle center here, company officials have announced. MGM Studio World will open in 2010 to coincide with the World’s Fair Expo also coming to this city of 18 million people.

“Given our studio’s rich history, MGM is synonymous with Hollywood, and we are excited to bring this experience to consumers in Shanghai,” says CEO Harry Sloan, in a release. The 200,000-sf development, he explains, is “the first step in bridging traditional Hollywood entertainment with China’s film and television industry.”

MGM is joining forces with a partnership of Shanghai Tianhong Real Estate Investment Co. and Hong Kong-registered Tengxun Entertainment Management in a deal sporting a total investment value of $15.5 million. Tianhong will be the developer and contractor, and Tengxun is serving as project manager and will be responsible for operating the complex upon completion. MGM will serve as licensor and creative collaborator, but will not participate in the project financially or in operations.