Hong Kong director Peter Chan Ho-sun (陳可辛) has teamed up with China’s largest private movie company to create a new film studio that they have dubbed a Chinese “DreamWorks.”
China’s PolyBona Film Distribution Co (保利博納電影發行公司) said it would invest 500 million yuan (US$73 million) into Cinema Popular — officially launched in Beijing on Sunday — which will pool resources with Chan’s We Produce studio.
It did not provide details of who the other investors would be.
Cinema Popular intends to produce 15 movies, including blockbusters and small-budget films over the next three years, Chan said in the statement.
The movies’ Chinese box office revenues are expected to exceed 2 billion yuan in the next three years, the statement said.
Chan has won a series of awards in Asia, including the Hong Kong Film Festival Best Director award in 2007 and the Best Picture award in Taiwan’s Golden Horse Film Awards last year for his epic The Warlords.
The first film, an action movie to be directed by Hong Kong director Teddy Chan (陳德森), is expected to start shooting in Shanghai next month.
“The target is to build up Cinema Popular into China’s DreamWorks,” Beijing-based PolyBona said, referring to the studio Hollywood moguls Steven Spielberg, Jeffrey Katzenberg and David Geffen founded in 1994.
China’s movie market has been growing rapidly over the past few years, with box office takings surging to 4.4 billion yuan last year, up 30.5 percent from the previous year, official figures showed.