China Makes a Bid for Hollywood

The China Mainstream Media National Film Capital Hollywood Inc, which claims to be China’s first government-backed film investment fund.

“The focus of the film fund will be to co-finance and co-produce the projects which have large box office potential in the world marketplace including China. These types of projects will allow more films to reach the ever-growing China market,” according to a statement.

China Mainstream has offices in Beijing and Beverly Hills, California, and describes itself as a “a turnkey gateway partner for Hollywood”.

“The strong government support and the extensive knowledge of the company’s executives in film, financing and marketing enable the company to become a major film fund supporting top level films in both China and the US With a Western movie-making approach and a management supported by financing from China, the company will become a gateway partner to Hollywood,” said Yang.

The financial firepower of the new cash pool has not been revealed, but its executives include film director LI Qiankuan ???, chairman of the China Film Foundation (???????); as well as He Xiaofeng (???), a leading economist and Dean of Beijing University’s Financing Department; Wang Guowei (???), vice chairman of the China Film Foundation; Liu Yuan (??), former Siemens executive; and former JP Morgan Asia General Manager, Zhao Yuanjun (???).

Wang is named as China Mainstream’s CEO, Liu its co-chairman and president. The management team also includes former Warner Music China GM, Zorro XU ???, and former Sina Corp executive YANG Jun ??.

The company’s website also describes Los Angeles-based film financier Endgame Entertainment as an industry partner.

Although the headline strategy of the fund appears to be about facilitating high profile Hollywood-Chinese films, the mission statement also says that China Mainstream will invest in local Chinese films including “low-budget domestic films” targeted at urban, youth audiences. It will also back “youth director plans”, and invest in digital cinema production and distribution, with the aim of rapidly developing the digital video market in China.

In a separate strand, the fund may also invest in infrastructure, notably construction and development of cultural industrial parks with activities covering music, culture and fashion.

In recent months private and public sector elements within the Chinese film industry have put a strong emphasis on expanding the industry’s share of the global market. After Chinese films saw their foreign box office revenues drop in 2011, and the worldwide success of Hollywood made Chinese-themed content such as Kung Fu Panda, there is an increasing emphasis on English-language, Chinese content.

This was the strategy of Legendary East Ltd, a Hong Kong-based venture encompassing Hollywood’s Legendary Pictures LLC and China’s Huayi Brothers Media Corporation ????????????, but which failed to assemble the $220 million it planned to raised in December. It is also the strategy of the $800 million Harvest Seven Stars Media Fund, unveiled this week by media entrepreneur Bruno WU ?? and the Harvest Fund Management Co Ltd ??????????.

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Posted by Shayne Heffernan on Feb 7th, 2012and filed underLatest News, Oil, Shayne Heffernan.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.