China’s first multiplex owned by a Hong Kong company opened in a Shenzhen shopping mall Sunday.
Multiplex Cinema’s Cinema City — a five-screener with 629 seats — was made possible thanks to the Closer Economic Partnership Arrangement that for the first time allows Hong Kong companies to own cinemas developed on the mainland.
Shenzhen, which is just across the border from Hong Kong, was chosen because of its rapid economic growth and its similarities to Hong Kong when it comes to spending patterns and tastes, said Terry Lai, CEO of Multiplex Cinema’s parent Intercontinental Group Holdings.
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