Plex plan for China

CinemaWorks to build eight on mainland

BANGKOK — In a sign of confidence in the virtually untapped potential of the Chinese exhibition market, Hong Kong-based CinemaWorks has unveiled plans to build eight multiplexes on the mainland.

CinemaWorks has formed a joint venture with the Jiangsu Film Co., and its first project, an eight-screener in Nanjing ( 210 miles north of Shanghai), is slated to open in May.

CinemaWorks principal Ian Riches, who will be president of the as-yet unnamed co-venture, is an English-born veteran exhib who worked most recently for Loews Intl.

Euro interest

Riches told Daily Variety that he is closing a deal to bring in a foreign investor, an as-yet-unnamed Euro-based exhib.

CinemaWorks will take a small equity stake; the Euro investor will take up the balance of the shares with a combined total of 49% of the joint venture — the present cap on foreign investment in Chinese cinemas.

Interviewed at the CineAsia convention, Riches said the investment to outfit and equip the eight plexes — all located in new malls — would be $25 million. Another site in Jiangsu is planned, and others will be located in Wuhan and Guangzhou.

This cinema-building program is the biggest undertaken by any company in China thus far.

Kodak, Warners in play

Other foreigners with exhib interests on the mainland include Kodak, Warner Bros. and two Hong Kong-based players, Golden Harvest and Lark. China has an unofficial quota limiting the number of imports allowed each year under the revenue-sharing scheme to 20.

Riches allows that “product availability is a problem, but we see the flow of imports improving in time and we will do the best we can with local and Hollywood films.”

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety

Loading