CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
 
 
 
Cinema Rules Relaxed for HK, Macao Investors
2006-2-9 14:54:26      CRIENGLISH.com

HONG Kong and Macau cinema investors will be allowed to build wholly-owned cinemas on the Chinese mainland starting on February 20.

Hong Kong and Macau investors are now limited to a 75 percent stake in their joint ventures with local partners on the mainland, according to regulations issued in 2003.

Those regulations, published by the State Administration of Radio Film and Television, allowed foreign investors ownership of up to 75 percent in joint-ventures in Beijing, Shanghai, Guangzhou, Xi'an, Nanjing, Chengdu and Wuhan.

The same concession also applies to Hong Kong and Macau investors under the Closer Economic Partnership Agreement.

However, SARFT relaxed the regulations to allow Hong Kong and Macau investors to develop wholly-owned cinemas this year.

It also said that Chinese mainland investors must own at least 51 percent or "play a leading role" in their joint-ventures with foreign partners.

A SARFT spokesman would not give a timetable for when foreign investors might receive the same treatment as those from Hong Kong and Macau. But he stressed the agency is pursuing a step-by-step process toward liberalization of the industry.

Warner Brothers International Cinema, the first foreign cinema operator on the Chinese mainland, said it has yet to receive information from the authorities on the changes.

"We are aware of the new regulations and look forward to receiving the definition of 'leading role'," WBIC said in an e-mail to Shanghai Daily.

WBIC holds a 51 percent stake in Nanjing's Shangying Warner Cinemas. It opened its first mainland cinema complex in Shanghai four years ago -- Paradise Warner Cinema City, a joint venture with the Shanghai Film Group.

(Source: Shanghai Daily)


        Talk China        Print        Email        Recommend
 


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. All rights reserved. Reproduction of text for non-commercial purposes only is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
 

 
 
foreignerForeigners in China have to pay income tax if they earn over US$592 per month.
BeijingGolf courses and gas stations in Beijing will be under close watch.
Latest
MacaoReviewing Anti-Money Laundering Bills
China's Economy to Grow 9.2% in 2006: WB
Rich Eastern Province to Close All Collieries
Pakistani President to Visit China Feb. 19
Cinema Rules Relaxed for HK, Macao Investors
China Sees Rapid Growth in Marine Industry
China to Accelerate Technological Development of 11 Key Industries
More>>
Tibet
Xinjiang
[an error occurred while processing this directive]
 
            Producer:  Xie  Qiao      Pagemaker:  Li  Meng      Designer:   Avida