Chinese entertainment conglomerate Wanda's new film studio in the coastal city of Qingdao opened over the weekend, according to Xinhua.

With a total investment of $7.9 billion, the 166-hectare Qingdao Oriental Movie Metropolis took four years and seven months to be completed, the report said.

The 30 high-tech film studios completed include the world's only indoor-outdoor underwater film studio and a film studio measuring 10,000 square meters, one of the world's biggest. Another 10 studios are under construction, Xinhua reported. 

The city government and Wanda also jointly set up a film development fund of 5 billion yuan to support foreign and domestic filmmakers to film there.

Over 500 film and TV companies are expected to settle at the film base over the next three years to make about 100 film and TV productions every year.

Eleven Hollywood films have been shot at the studio since October 2016, including the Legend Entertainment film "Pacific Rim: Uprising."

The giant entertainment complex will be surrounded by hotels, a yacht club, a theme park, a celebrity wax museum and a hospital, Xinhua reported.