Film enterprises sign contracts worth US$2.5 bln
- By Zhang Rui
0 Comment(s)
Print
E-mail China.org.cn, April 23, 2017
 |
|
A contract signing ceremony is held in the Film Market section of the 7th Beijing International Film Festival in Beijing, April 21, 2017. [Photo/China.org.cn] |
The Beijing International Film Festival reached its climax on Friday as 108 enterprises signed contracts for 56 key projects, involving a total amount of 17.45 billion yuan (US$2.53 billion), up 6.9 percent from last year.
The largest deal, worth 3.38 billion yuan (US$491 million) was Dadi Cinema's acquisition of Orange Sky Golden Harvest (OSGH) Cinemas. The acquisition not only considerably improved Dadi Cinema's layout in China, but is also expected to improve its business efficiency through resource integration.
Wanda Pictures also signed a contract worth 1.86 billion yuan (US$270 million) for 12 films, including "Victor," a co-production of Wanda Pictures and Luminous Pictures; "Evil Minds," a co-production of Wanda Pictures and He Li Chen Guang; and "Duck Duck Goose," an original Chinese 3D animated film directed by Chris Jenkins, director of "Home" and produced by Sandra Rabins, producer of such hits as "Shrek" and "Hotel Transylvania."
Poly Film inked deals worth 1.08 billion yuan (US$156.87 million). While returning to content creation, Poly Film is making investment and conducting acquisition in parallel. It acquired all the equity of Xingx Entertainment earlier this year.
Along with Wanda Pictures and Poly Film, nearly 100 film projects from over 100 enterprises and institutions were signed, including those from Beijing Culture, Tianhong Pictures, Spring Era, China Ethnic Film & Television Venture Program, Shaanxi's Cultural and Educational Film & Television Program.
The project contract amount signed at the festival has been growing substantially each year, with the content becoming more diversified and internationalized. This year's Film Market section of the festival recorded over 30,000 visitors in three days.
As an important part of the Film Market, Project Pitches, is the rise of new filmmakers with new works, manifesting its role as an incubator for young filmmakers. This year, 712 projects have been collected under Project Pitches, with a 5.6 percent increase from the amount recorded in the previous year.
In the five years since its establishment, Project Pitches has handled 2,242 projects and given awards to 50 outstanding ones.
The 10 projects shortlisted this year are highly distinctive and innovative, namely, "Silvery Prairie," "No Killing," "On the Other Side of the Mountain," "Cosplay," "Forest of Tumor," "The Tower of Terror," "The Day Back to Zero," "Lonely Beijing," "Steamworld" and "Lost Control." Assuming all these films eventually emerge from production, they are likely to have considerable impact on the Chinese film market.
Go to Forum >>0 Comment(s)