Hong Kong production facilities group Salon Films and partners from across the region have set up Salon Media Management to serve Asia’s movie industry.
The Singapore-based unit was hailed by Media Development Authority of Singapore boss Christopher Chia as providing a “structural framework” of legal and financial services to moviemakers.
Salon Films chairman Fred Wang said that partners include Japan’s Yoshimoto Kogyo, Singapore’s MediaCorp Raintree Pictures and China’s Hengdian World Studios.
He said that company has been incorporated and will now build a small staff of legal, financial and production execs.
“Keeping up with and advising on the tax and regulatory issues across the region will be its first task,” said Wang.
He said that over next five years he expects SMM will have built up $100 million in production investment that will benefit from Singapore’s stable regulatory climate and intellectual property protection.
“We need a better industrial model and to approach Asia as if it were a single region,” he said.
Singapore is fast becoming the seat of a cluster of Asian film funds, which among them have S$1 billion ($715 million) available for investment.