Shanghai United Cinema Line Corporation will construct modern cinemas in major Chinese cities in cooperation with Time Warner of the United States.
Xu Xiaoping, general manager of the Shanghai company, said both Time Warner and his company had reached an intent for cooperation, but details were still under discussion.
Time Warner joined hands with Shanghai Yongle Co., a member of Xu's company, to launch a luxurious multiplex cinema in Shanghai in July. The American media conglomerate pledged to pay 49 percent of the 28.5 million yuan (US$3.43 million) investment needed for the new cinema.
Because of the cooperation, the newly-launched cinema has been preferentially permitted to show the US company's latest blockbuster production Matrix II one week earlier than other Shanghai cinemas.
There are 35 cinema companies in China. Shanghai United Cinema Line Corporation has 60 cinemas under its alliance and 146 screens. Considered the largest cinema chain in the country, the United Cinema Line Corporation raked in 160 million yuan (US$19.28 million) in box office revenues last year.
(Xinhua News Agency August 30, 2003)
