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| Thursday, November 20, 2008 23:46:42 |
Warner Bros and Shimao to build film metropolis in Shanghai
Time Warner is in talks with Shanghai Shimao to add movie screens in Shanghai to attract patrons to Hollywood films, The Standard reported.
Warner Bros joins Walt Disney and other US media companies seeking growth in the world's most populous nation as China comes under pressure to open its market to more overseas- made movies, said the paper.
For Shimao, building cinemas with the studio that produced some of China's best-selling Hollywood films may help it weather government curbs on developing apartments and villas.
Time Warner built its first cinema in China in 2002 and now has 8 cinemas in the Mainland. The company has invested 140 million yuan (17.5 million US dollars) in China since 2004.
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