SMI Corp expands cinema circuit
SMI Corporation, a Hong Kong-listed film investor and operator of cinemas in China, is spending RMB98.5 million ($14.8 million) in two existing cinemas and buying into two others.
It also said that it is planning to spend RMB930 million ($140 million) buying a stake in a ‘theme town’ being built in Beijing.
The stock market-listed group it lifting its stake from 60% to 95% in its Beijing Wangjing Stellar International site, and upping from 73% to 95% its holding in the Beijing Mingxiang site.
The theme town development is expected to contain film production facilities, retail shops, banks, a church, hospital, accommodation and theatres. The group describes the possible acquisition as “a big step forward [towards achieving] its goal of becoming a leading integrated entertainment and media company.”