Singapore's dominant broadcaster Media Corp has entered into a joint venture with SAR media tycoon Lim Por-yen's eSun Holdings to produce films for the growing mainland market.
The 50-50 venture involves setting up a HK$200 million fund, which will be used over five years to finance the production of Chinese-language films.
The venture will produce five films next year and 10 in 2003.
Media Corp had already invested in the US$30 million China Film Fund, which was established by SAR film studio Golden Harvest six years ago.
Analysts said the new fund showed the Singaporean firm's confidence in the potential of film production in China. Home-grown production had slowed in recent years as pirated overseas films flooded the mainland market.
Media Corp chairman Cheng Wai-keung said the company's film arm, Rain Tree Production, which was set up two years ago, had already produced eight films in Chinese and English.
'There is a growing need for Media Corp to go regional,' he said, adding that mainland movie production was part of the firm's plan to expand its income base.
