{"id":10314,"date":"2011-09-13T19:09:52","date_gmt":"2011-09-13T19:09:52","guid":{"rendered":""},"modified":"2011-09-13T19:09:52","modified_gmt":"2011-09-13T19:09:52","slug":"DreamWorks-eyes-China-operation","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=10314","title":{"rendered":"DreamWorks eyes China operation"},"content":{"rendered":"

The Hollywood company behind the hit “Kung Fu Panda” movies is to open a new Shanghai operation to make films specifically for China’s booming market.<\/strong><\/p>\n

DreamWorks Animation has hired Los Angeles-based RSR Partners to recruit a president for the planned venture<\/strong>, making it the latest in a line of Hollywood giants to attempt to break into the potentially lucrative market.<\/p>\n

No one at the Los Angeles-based DreamWorks could immediately be reached for comment, but a letter from RSR to prospective hires seen by AFP said the company was looking to “establish a production and development presence in China”.<\/strong><\/p>\n

The “Kung Fu Panda” movies were made with a Chinese audience in mind <\/strong>and the second in the franchise became the highest-grossing feature ever screened in the country when it was released this year, taking 597 million yuan ($93 million).<\/p>\n

Several Hollywood companies are trying to get a foothold in China<\/strong>, where box office sales rose 64 percent to $1.5 billion in 2010, making it the world’s fastest-growing movie market.<\/p>\n

China limits to 20 a year the number of imported films it allows to share box office takings, but foreign companies can skirt the import cap by co-producing films with Chinese partners.<\/p>\n

The move comes weeks after two other Hollywood production companies, Relativity and Legendary, launched ventures with Chinese partners.<\/strong><\/p>\n

Source AFP<\/em>
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