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SMI Corp expands cinema circuit1 min read

14 November 2010 < 1 min read


SMI Corp expands cinema circuit1 min read

Reading Time: < 1 minute

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.”

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via Film Business Asia

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