Business
April 06, 2005
Warner Bros. plans to build modern cinemas in China
U.S. Warner Bros. plans to build several a couples of cinemas in several major central cities across the countries. The negotiation on the details of Warner Bros. with other relevant departments is currently under way.
According to the official with Warner Bros. International Cinemas who takes charge of China region, U.S. entertainment giant Warner Bros. has reached an agreement with Shenzhen International Trust Investment Company to build eight modern cinemas in five cities including Shenzhen, Chongqing, Nanchang, Changsha and Zhengzhou. The new cinema to be built in Chongqi is expected to open for business in May this year. The modern and multi-functional cinemas to be constructed in Nanchang, covering an area of 8.5 mu (one mu equivalent to 6.667 acres) and a building area of 12,000 square metres, could simultaneously show three films.
Being one in the first groups of foreign movie companies entering the Chinese film market, Warner Bros. has officially established cooperation with six Chinese-foreign joint cinemas in China's mainland since 2004. The Provisional Regulations on Foreign-Invested Cinemas formulated by Chinese government has officially went into effect on Jan. 1, 2004. The regulation enlarged the maximal percentage of foreign investment in Chinese-foreign cinemas to 75 percent.
By People's Daily Online
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