State-owned China Film Group invest millions in Hollywood productions Seventh Son and Warcraft
China Film Group is hoping to buy some cinematic magic with an 'eight figure' investment in two Tinseltown productions
State-owned China Film Group Corporation (CFGC) has made an "eight-figure" equity investment in upcoming Hollywood productions - the first time the entertainment giant has funded movies made there.
CFGC chairman La Peikang and Peter Loehr, CEO of Hong Kong-based American subsidiary Legendary East, announced the move just two days before the opening of the Beijing International Film Festival.
The companies will team up for Seventh Son, a fantasy movie starring Oscar winner Jeff Bridges, and Warcraft, based on the popular video game series.
Neither China Film nor Legendary East have announced the exact investment amount.
China Film Group, the country's largest film producer and distributor, will be responsible for the distribution of the films, if and when they are approved by state censors.
CFGC is preparing for an initial public offering.
The State Administration of Press, Publication, Radio, Film, and Television allows up to 34 foreign films to be imported into the mainland a year. Hollywood has lobbied Beijing heavily over the years to allow more US films into the market.