Top Chinese Property Developer Future Land Holdings Launches Exhibition Business; IMAX to Serve as Anchor Attraction for Shanghai Bestar Cinemas Management Co. Ltd.
IMAX Corporation (NYSE:IMAX), IMAX China Holding Inc. (HKSE: 1970) and Shanghai Bestar Cinemas Management Co. Ltd., a subsidiary of Future Land Holdings Co. Ltd. (HKSE: 1030), (SSE: 601155) a leading property developer in China, today announced an agreement at the Shanghai headquarters of Future Land Holdings Co. Ltd. for 10 new IMAX® theatres to be located throughout the P.R.C. The theatres will be added to multiplexes located within Injoy Plazas — Future Land’s commercial shopping center brand, and are expected to be installed in 2016 and 2017.
“Shanghai Bestar Cinemas was established in response to the growing Chinese film and exhibition industry and the vital role that entertainment plays in the success of our commercial property developments,” said Mr. Wang Zheng, Chief Executive Officer, Shanghai Bestar Cinemas Management Co., Ltd. “In China, IMAX is synonymous with the best movie going experience, which is why we are delighted to launch our exhibition business with IMAX.
As we strongly build our circuit’s presence nationwide, we plan to open over 50 cinemas in three years and over 100 cinemas in five years, half of which will be installed with IMAX theatres. We look forward to expanding our partnership with IMAX.”
“We are delighted to partner with Future Land, one of the top developers in China, and are honored to be a part of its new exhibition business – Shanghai Bestar Cinemas,” said IMAX Corp. CEO Richard L. Gelfond. “We have relationships with virtually every major exhibitor and studio in China and continue to see increased interest among property developers in the country that have IMAX in mind at the inception of their projects – further solidifying our position in the Chinese entertainment ecosystem.”