BEIJING — Even as Hollywood seeks to penetrate the Chinese market, China’s government is hoping to break into Hollywood.
The country has just set up its first state-backed film fund to enable co-production between China and the U.S. Called China Mainstream Media National Film Capital Hollywood, the fund will have offices in Beijing and Beverly Hills and will be led by former China Film Group prexy Yang Buting, per local media reports.
“With a Western movie-making approach and management supported by financing from China, the company will become a gateway partner to Hollywood,” according to Yang. He gave no details about the size of the fund, the focus of which will be to co-finance and co-produce projects that have worldwide box office potential.
L.A.-based film financier Endgame Entertainment, led by James D. Stern, will be a partner in the initiative.