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Wudang Wushu image

The Los Angeles-based Ikonic Entertainment Group is set to design a new $3.1 billion martial-arts themed park for China's Hubei Province, according to reports.

The Wall Street Journal claims that the project will be funded by local partner Hubei Wudang Taichi Lake Investment Group Co, with an official announcement expected on December 6, 2011. The park will celebrate the region's historic association with martial arts, and will feature a $50 million live show.

The park will be located in the Wudang Mountain area, with a further theme park reportedly in development for the Qingzhou coastline in Shandong Province.

The newly-formed Ikonic Entertainment Group will provided design and planning services for the project. The company's website is currently under construction, but the Wall Street Journal claims industry veterans were involved in its formation.

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