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 yesterday.
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.
The Chinese government has invested 200 million yuan in the center.
The CFGC is also the only importer of foreign movies in China and a major
exporter of Chinese films.
