The Wuxi Studios is an International digital film base with world-class facilities. [Photo provided to chinadaily.com.cn]

The setting could not be less glitzy: A former steel mill several kilometers outside the center of Wuxi, Jiangsu province.

But the unlikely transformation of this rusting steelworks on the shores of Taihu Lake into a veritable center of the global movie industry is a tale worthy of Hollywood itself.

Huallywood—as the complex in Wuxi's Binhu district is now known—has been open for less than five years, but is already home to 500 film companies that generated revenues of 2.3 billion yuan ($340 million) in the first six months of 2017 alone, according to the park's general manager, Shi Juan.

The key to Huallywood's success has been focusing on post-production, according to Shi.

"Post-production is the most valuable part of the film industry and Huallywood has the confidence to be the best one in China's film industry," he said.

The park's world-class facilities, including a 12,000-square-meter studio workroom—the largest in Asia—has helped attract the highest caliber companies to this small corner of East China.

Huallywood is now home to Asia's largest post-production company, Base FX, which has produced more than 150 movies including blockbusters such as Star Wars, Mission Impossible, Monster Hunt, and The Great Wall.

Companies based in the park have won three Emmy Awards and received two Oscar nominations.

The park is now contributing more tax revenue to Wuxi than the steelworks ever did, and it is also benefitting the city's economy in other ways.

The park has become a tourist attraction too, its old freight wharf converted into a lakeside promenade, and it has added a 1930s-style street and a 5-D light show to add a touch of glamor.

More than 600,000 visitors, including stars such as Jackie Chan and Fan Bingbing, now flock to Huallywood each year.