Chinese, foreign film producers sign 36 deals worth $2.3 billion to make movies, build cinemas

Associated Press

Chinese and foreign film producers, companies and investment firms have signed 36 deals to make movies and build cinemas worth $2.3 billion.

The deals were signed on the sidelines of the Beijing International Film Festival, an annual event in its fifth year. Zhao Zhiyong, of the festival organizing committee, said they deals were worth about a third more than those signed last year.

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The former chairman of Walt Disney Studios signed a deal with CITIC Guoan, a unit of state-owned CITIC Group Corporation, to invest $150 million into his new Dick Cook Studios.

Beijing Hairun Pictures and Village Roadshow Pictures Asia signed a deal to co-produce five feature films. One will be a biopic of former NBA player Stephon Marbury.