China Film Group Corporation (CFGC), China's largest state-owned
movie producer and distributor, issued 500 million yuan (US$67.56
million) worth of bond in Beijing Friday.
The fund financed through the seven-year secured bond will be
spent in building a digital production center for movies and new
digital cinemas, the company said in a press release.
The money will also go to renewal of some old cinemas, it
said.
The digital production center, covering an area of 34.14
hectares in a northern suburb of Beijing, has been under
construction since early 2006 with an estimated investment of 900
million yuan (US$121.62 million).
The Chinese government has invested 200 million yuan (US$27.03
million) in the center.
The CFGC is also the only importer of foreign movies in China
and a major exporter of Chinese films.
(Xinhua News Agency December 15, 2007)
