Dalian Wanda Group and Warner Bros International Cinemas, a division of US-based Time Warner Inc -- the world's leading media and entertainment company, inked an agreement on Saturday in Beijing to jointly build and operate Warner Wanda multiplex cinemas around China.

An elder Chinese cyclist passes the newly-opened Warnar-Wanda International Multiplex Cinema in Tianjin, Sunday, Jan. 18, 2004. [newsphoto]

Launching of this project may be regarded as a very important step for China in its opening up of its film and cultural markets, according to Zhang Peimin, vice-director with the Film Administrative Office of the State Administration of Radio, Film and Television.

In line with the agreement, the joint venture, which will be called Warner Wanda Cinemas, is to set up a series of state-of-the-art, world-class multiplex cinemas in all of the Wanda Group's shopping complexes which are currently under construction or due to be built.

Wanda Group will finance the cinemas, while Warner Bros International Cinemas will provide overall technical support in the design and construction of the theatres, as well as implementing operational and management services.

The design of the cinemas will feature the iconic Warner Bros shield, and incorporate the studio's world-renowned Looney Tunes characters.

Sources from Wanda Group revealed that the project initially calls for the building of some 30 cinemas in Wanda shopping complexes in China's largest cities in the coming few years.

Wanda Group Chairman Wang Jianlin disclosed that six to seven Warner Wanda multiplex cinemas in Beijing, Shanghai, Dalian, Harbin and Nanning, will be opened by the end of this year, with the first one opening yesterday in Tianjin.

Warner Bros International Cinemas President Millard Ochs pointed out that his company was delighted to play a role in helping Wanda Group bring the ultimate cinema-going experience to new locations throughout China.

"We have been very impressed by the world-class quality of past Wanda Group projects, and are proud to lend our experience, expertise and our name to help build Warner Wanda Cinemas into one of China's pre-eminent cinema brands," said Ochs.

Director Zhang said that China's film industry has lagged behind foreign giant operators, such as AOL Time Warner, and the establishment of the joint venture has introduced world-leading management systems and marketing operation knowledge to the domestic market.

Warmer Bros International Cinemas boasts more than 70 multiplex cinemas and more than 650 screens internationally to date.

Warner Bros International Cinemas is waiting for approval from the central government for multiplex cinemas in Wuhan and Nanjing as the majority partner in a joint venture with Shanghai United Circuit Co Ltd, and has an agreement in principle with Guangzhou Performance Co for a shopping plaza in the capital city of South China's Guangdong Province.

"This venture with Warner Bros Cinemas is an integral part of ensuring that the cinema experience in a Wanda Group shopping complex is consistent with the high standards of excellence we strive to maintain,'' said Wang.

Set up in 1998, Dalian Wanda Group has become one of the flagship enterprises in China's real estate market.

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