Huayi Brothers Media Corporation has expanded into the movie theater industry. It will open its first theater on June 24 in the southwest China city of Chongqing, China Business News reported Monday.
Huayi Brothers says it will spend 130 million yuan building between six and eight movie theaters in the cities of Chongqing, Shanghai, Beijing, Wuhan, Hefei, Shenyang and Harbin this year. The company plans to open a total of 15 theaters over the next two to five years.
According to board secretary Hu Ming, Huayi plans to cooperate with big brand commercial real estate developers to develop its movie theater business. The company will also set up theaters in less-developed cities and outside main city centers.
Huayi Brothers was the first major Chinese film studio to get a stock exchange listing. The company made an operating profit of 604 million yuan (US$88.4 million) and a net profit of 84.6 million yuan (US$12.9 million) in 2009.
China's business press carried the story above on Monday. China.org.cn has not checked the stories and does not vouch for their accuracy.
