Label to produce 10 films a year

HONG KONG — A group of Asian biz giants has linked up with Fox Intl. Channels to launch Asia First Cuts, a label producing low-budget movies for the Asian market, it was announced Wednesday at Filmart, the Hong Kong-set international film and TV mart.

FIC will work with Hong Kong’s Salon Films, China Intl. Television Corp., Japanese conglom Yoshimoto Kogyo and Singapore’s SIMF Management.

Asia First Cuts will invest in 10 films a year, each with a budget of around $1 million.

“Through this initiative, we hope to nurture a new wave of young, vibrant and capable creative talent in Asia, generating a new creative pulse and rejuvenating the whole pan-Asian content industry,” said a Salon rep.

Salon is one of Hong Kong’s biggest shingles, while CITVC is the largest and most profitable media group in mainland China, operating more than 33 channels in 33 provinces across the country, as well as nine countries outside China.

Yoshimoto Kogyo is the largest and oldest talent agent and production company in Japan.

Meanwhile, Arclight Films Intl.’s Easternlight Films has sold “The Assassins,” with Chow Yun Fat and Crystal Liu Yi Fei, to Well Go USA, it was announced at Filmart.

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