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A Chinese state-funded entertainment company is planning to invest $300 million in ten English-language movies. The company hopes to become a major player in the US entertainment market.
National Film Capital, a Chinese state-funded entertainment company, is planning to invest $300 million in ten English-language movies. The Beijing-based company hopes to become a major player both in the US and in China, where it will invest in Chinese theater, the company said in an e-mailed statement on Sunday.
The company aims to produce and distribute English-language films with major Hollywood studios and independent filmmakers through its Beverly Hills, California-based branch, China Mainstream Media, according to the statement. The first movie will be "Ming: The Annihilator," based on a character by Stan Lee, the creator of Spider-Man.
National Film Capital plans to acquire 2,000 cinema screens in China by building theaters, buying out owners, or establishing partnerships with current operators.
Several other Chinese film companies have also announced plans to expand into the US entertainment market such as Beijing-based DMG Entertainment, which is producing "Iron Man 3" with Disney.
China became the third largest movie market last year, with ticket sales rising about 30 percent to $2 billion, according to the Motion Picture Association of America. In contrast, worldwide box-office revenue rose only 3.2 percent.