Makinson would not release details about how Penguin and its Chinese partner share the profit, only saying "each of us expects this to be a profitable venture."

Penguin had been talking with many Chinese publishing houses about the partnership. It finally teamed up with Chongqing Publishing Group, which is headquartered in Southwest China and has operations in Beijing.

"Although our partner does not have a tremendous brand in publishing classics, they are strong in general publishing. We believe we are complementary to each other," Makinson says. "In any partnership, you have to feel the chemistry is right between the two sides."

It would be more difficult for Penguin to form a close partnership with a Chinese publisher of classics, Makinson says.

"We already have a strong view about classics publishing and the Chinese publishing house that has 60 years of classics publishing might have a different view," he adds.

"But in this case, we depend on their knowledge of the market and they depend on our understanding of classics publishing. Each of us brings a different strength to the partnership."

A Chinese bestseller

Penguin set up its China office last year and a major achievement of Penguin's China team is the acquisition of the foreign language copyright of the Chinese bestseller The Wolf Totem from central China's Wuhan-based Changjiang Literary Art Press.

Penguin reportedly prepaid US$100,000, which is the most expensive overseas book deal ever in China. The Chinese book is now translated into 12 languages and the English version will be published in all English speaking countries simultaneously next year.

The Wolf Totem is the autobiographical story of a young man from Beijing who was sent to the grasslands of the Inner Mongolia Autonomous Region during the "cultural revolution" (1966-76). It depicts the life of the ethnic Mongolian nomads and the wolves with whom they share their land.

Penguin plans to acquire and translate at least four to five Chinese books every year for promotion in overseas markets, Makinson says.

"There is an enormous international fascination with China," he says. "People are very interested in what makes China the power that it is today. As a publisher, we need to be selective to identify those books that will be of interest in the market and promote them as actively as we can."

But still, the market for translated Chinese works in English is limited, which is why the number of book copy rights China buys on international book expositions is usually 10 times what China sells.

"We are trying to buy books that say something interesting or important about China but also address some universal themes and interests," Makinson says.

Penguin believes The Wolf Totem explores a specific time and place that is exotic and unusual and its themes are universal.

"In any publishing area, you have to be somewhat opportunistic and be flexible and ready to invest when you see a great book surfaces," Makinson says.

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