The city of Harbin, Heilongjiang province is building a large movie industrial park on the north bank of the Songhua River, according to a press conference in Beijing, on Aug 24 where it was announced that Beijing’s Loongs Investment Co is backing the project.

It involves a complex that will contain film production companies, a cloud computing center for media, movie amusement parks, shopping malls, and fashion and entertainment facilities.

The project has an estimated cost of 9.5 billion yuan ($1.48 billion) and will involve several construction projects, including at least 10 standard studios, a special-effect center, studios for big-name film producers, an international film research institute, a museum, amusement parks, luxury hotels, apartments for cast members, and a commercial district.

These are expected to give the local economy a boost and help its cultural and tourism industries, local authorities say.

Loongs Investment mainly backs film production, movie distribution, online ticket services and theme parks.