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People's Daily Online>>China Business

New methods of valuing cultural assets

By Huang Ying (China Daily)

14:20, January 04, 2012

The Shenzhen Culture Assets and Equity Exchange. After reports of speculation on cultural exchanges across the country, the State Council released new policy guidelines for the market. (Photo / China Daily)

BEIJING - Almost 10 years ago, when Chinese director Zhang Yimou borrowed $30 million from an overseas bank for his masterpiece Hero, which was nominated as Best Foreign Language Film at the Academy Awards, he became a film-financing pioneer.

At that time, government grants were the main source of money for the cultural industry in China. The domestic financial industry began to support the cultural sector in 2006, when China Merchants Bank Co Ltd provided an unsecured loan of 50 million yuan ($7.86 million) for Huayi Brothers Media Corp's film The Assembly.

Since then, the government has placed more importance on the cultural industry. The State Council approved the Blueprint for Reinvigorating the Culture Industry in September 2009, making it a national strategic development plan.

The culture boom continues to draw attention from the capital market and has led to the emergence of a new combination of culture and money.

As the first cultural assets and equity exchange on the Chinese mainland, the Shanghai Culture Assets and Equity Exchange (SHCAEE) was set up in June 2009. Its business includes the transaction of property rights, equity and intellectual property rights of cultural projects or companies.

More than 10,000 programs have been listed on the SHCAEE since its establishment, with 300 transactions to date valued at more than 15.2 billion yuan, said Zhang Tian, president of the SHCAEE.

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