Mumbai: Further strengthening Hollywood's fast-growing
ties with China, DreamWorks Animation and its Chinese
partners have announced plans to co-produce the next
Kung Fu Panda film and develop an entertainment district
in Shanghai, expanding Hollywood's fast-growing ties
Fu Panda 3 will be produced in China and released in
2016, according to DreamWorks Animation SKG Ltd. and
its state-owned local partners, China Media Capital,
Shanghai Media Group and Shanghai Alliance Investment.
film will be produced by a new joint venture, Shanghai
Oriental DreamWorks Film and Television Technology Co.
While DreamWorks will own 45 per cent of the company,
its Chinese partners will hold stakes totaling 55 per
studios have announced quite a few deals with local
partners to gain access to Chinese financing and a government-controlled
film market that seems to be growing strongly at a time
of weak ticket sales in the US and Europe.
Oriental DreamWorks plans to release one to three films
per year and employ as many as 2,000 production professionals,
the partners said. They said it aims to become the largest
animation production base in China and also will explore
opportunities in online games, musicals and consumer
year, Legendary Entertainment, producer of hits including
The Dark Knight, formed Legendary East with Chinese
studio Huayi Brothers Media Corp. It plans one to two
movies per year, mainly in English and based on Chinese
studio, Relativity Media, said last year it would make
movies with two Chinese partners for global audiences
and distribute movies in China.
studios hope partnering with local companies will increase
their access to China's tightly controlled film market.
the past decade, China's state-run film distributors
have allowed in only 20 foreign films per year for national
distribution. The foreign share of ticket sales is limited
to a range of 13.5 to 17.5 percent.
March, the government announced it will allow in an
additional 14 foreign films if they are made in 3-D
or for the big-screen Imax format. It raised the foreign
share of ticket sales to 25 per cent.