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Chinese create $ 800 mn fund for investment in Hollywood

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MUMBAI: China-based Sun Redrock Investment and Harvest Fund Management have decided to create a whopping $800-million fund to invest in tentpole productions in Hollywood and elsewhere that appeal to Chinese audiences.

Harvest Seven Stars Media Fund will operate in three distinct areas - mergers and acquitisions, distribution in Asia and movie content either through equity investment in companies or operating capital investment.

The fund meant for mergers and acquisitions will identify and take positions in niche dominant companies on a worldwide basis, enabling their consolidation and growth, particularly in the Chinese and Asian markets.

So far as operations go, it will build a comprehensive distribution and marketing platform in all media across China and beyond.

Announcing the deal, Wu said: "This new partnership emphasises our confidence in the strength and potential of the Chinese media industry and the wealth of talent within it. We look forward to cultivating this new joint venture and seeing it grow into one of the world?s leading media funds."

He said that films like the recent Mission Impossible -- Ghost Protocol, a huge hit in China, are the kind of stuff that the fund would seek to invest in. He said it would also be interested in alliances with companies such as DreamWorks.

Harvest Alternative Investment Group is the alternative investment arm of Harvest Fund Management, marking it out as one of the first 10 fund management institutions authorised by the Chinese government as part of its strategy to open up and develop its financial sector.

Sun Redrock Investment is part of Sun Media Group founded by Bruno Wu and Yang Lan operating five major divisions including Redrock Capital, Sun Enterprises Group, Sun Publishing Group and Sun Culture Foundation, a charitable foundation which promotes philanthropy and corporate social responsibility in China.

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