Time Warner will partner China's fifth-richest man, Xu Rongmao, in building an entertainment and cinema complex in Shanghai as the United States media company seeks to expand its cinema network in the mainland.
Shanghai Shimao, a mainland property developer headed by Mr Xu, said it had reached a preliminary agreement with Warner Bros Consulting Service (Shanghai), a subsidiary of Warner Bros International Cinemas, to build the entertainment centre, called the International Metropolis.
Shimao did not indicate the size of the investment or project details.
Investment could reach US$250 million, mainland media said.
The project would include cinemas and interactive movie experience centre, the Shanghai Daily reported.
Warner Bros, the world's largest media firm, would operate the complex after Shimao built it, said a spokesman for Shimao Group, the parent firm of the Shanghai-listed company. Shanghai Shimao was unavailable for comment.
