21st Century Business Herald, 9/14/11
Chinese film and TV production firm Huayi Brothers (300027.SZ) has revealed it is currently developing a "Cultural City," to be used as a backlot for film and TV production, and a theme park.
Huayi Brothers has invested several hundred mln RMB in the film and TV production backlot, located on roughly 170 acres in the Jiading district of Shanghai. The company plans to invest RMB 3 bln in the theme park project, which will also occupy roughly 170 acres. Huayi Brothers will jointly develop and operate the park with the SIP Yangcheng Lake Island Development corporation and other investors in the project, which is slated for completion in 2014 or 2015 and in which it will hold a planned 35% stake.
Huayi Brothers and other investors in the park are in talks with several cities, including Chengdu and Qingdao, for investment in the project. Huayi Brothers is also in discussions with Beijing and Shenzhen regarding future backlot projects, in addition to the Shanghai project.