Time Warner Inc.’s Warner Bros. International Cinemas unit is planning to build movie cinemas in China’s wealthiest city with Shanghai Shimao Co., according to a statement by Shimao.
The two companies have reached a preliminary agreement to build a so-called film metropolis in Shanghai, according to a statement to the city’s stock exchange, without giving details.
Warner Bros. joins News Corp., Viacom Inc., Walt Disney Co. and other U.S. media companies in seeking growth in the world’s most populous nation. For Shimao, a developer owned by China’s fifth-wealthiest man, building cinemas with the producer of the Terminator series of movies helps it survive the Chinese government’s curb on luxury apartments and villas. [Full Text]