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Movie-themed fortunes 'never guaranteed'

By Huang Ying (China Daily)

08:16, February 22, 2013

While Stephen Chow's Journey to the West: Conquering the Demons, is probably on the way to creating another box office record in the history of Chinese cinema, his hopes for Journey to the West aren't confined to the silver screen.

ChinaVision Media Group Ltd, one of the blockbuster's investors, announced on Tuesday that its wholly owned subsidiary West Gold has entered into an agreement with the city government of Tongxiang in Zhejiang province to cooperate on the establishment of a Journey to the West Film Art Center project.

The government of Tongxiang will make available approximately 70 hectares in Wuzhen for the project. The planned area consists of a parcel of land with an area of 46 hectares, which is for sale, and another parcel of 24 hectares, which is for lease, according to the agreement.

If West Gold completes the acquisition of the land use rights and leasehold interest, it will develop the area by establishing a joint venture, in which it will hold 75 percent of equity interest, while Stephen Chow holds the remaining 25 percent, according to the Film Art Center Framework Agreement, which was signed in October 2012.

It is expected that the cooperative agreement will be signed within the next few days. As planned, the movie-themed project will feature cultural tourism, entertainment and technology.

The project is scheduled to be launched at the end of this year, and is due to be completed in 2015.

However, actor-director Chow is not the first to have plans to develop movie-themed parks on the Chinese mainland. Huayi Brothers Media Group Co Ltd, one of the leading private film production companies in China, expanded into the field in 2011.

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Email|Print|Comments(Editor:HuangBeibei、Liang Jun)

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