China's Wanda to open 100 Dolby cinemas in next five years

BEIJING -- Wanda Cinema Line, China's largest cinema chain, will open 100 new cinemas in the next five years with Dolby Cinema's projection and sound technology, according to a deal between the two announced on Wednesday.

The first, featuring the Dolby Vision projection system and the Dolby Atmos sound technology, will open before the end of March, Wanda said in a statement filed with the Shenzhen Stock Exchange.

Wanda said Dolby will share in the revenue generated by the cinemas.

The two also agreed to discuss cooperation in the Australian cinema chain Hoyts, acquired by Wanda in last June.

The deal came as major industry players are increasing their investment in China, now the world's second-largest film market.

IMAX, another entertainment firm, has installed its giant screens in many shopping mall cinemas, many of which are owned by Wanda. Film tickets for IMAX theaters usually cost more than normal screens.

RealID, owner of the most popular 3D projection technology Real 3D, also has expansion plans in China in cooperation with the Broadway Cinema Chain.