March 8 (Bloomberg) -- A Chinese film-investment group is seeking U.S. partners to co-produce and finance movies designed to attract audiences in both countries.
China Mainstream National Film Capital Hollywood Group, backed by state and private funding, is opening an office in Beverly Hills, California to develop relationships with U.S. investors and Hollywood talent, Chairman Yang Bu Ting said yesterday during a movie finance conference in Los Angeles.
The group is looking for projects that would combine American talent with stories that have a strong Chinese element, Yang said in an interview. China Mainstream is especially interested in using U.S. writers to craft stories in a way that will keep U.S. audiences engaged.
“For now, we are looking at action films,” Yang said through a translator. “They have the highest possibility to be successful.”
A broader objective is to learn U.S. techniques for film financing, said Yang, who is also chairman of China Film Production International and supervisor of the China Film Foundation. Typically in China, films have been financed directly by the production company, he said. U.S. funding mechanisms spread risk to outside investors.
The group is also interested in collaborating on distribution and development of visual effects and computer-generated imagery, he said. Yang outlined the group’s plans at the Film Finance Forum West presented by Winston Baker in association with Variety, a trade publication.
“We are in the process of investing in Hollywood,” Wang Guo Wei, chief executive officer of China Main Stream, said during a conference session. “We are choosing the best projects.”
One project the group is considering is a series of films based on The Tibet Code, a series of novels that have gained popularity in China, Yang said.
The group has sufficient capital for its goals, Yang said, without providing specifics.
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