(Yicai Global) Oct. 18 -- Shanghai LongYun Advertising & Media Co. [SHA:603729] (LongYun) plans to acquire Changchun Film Studio's cultural tourism assets in Hainan province.

The company will acquire a 39-percent stake in Changchun Film (Hainan) Real Estate Co. and a 47-percent stake in Changchun Film (Hainan) Entertainment Co. by bidding via a property rights exchange, LongYun said today. The company will pay cash to acquire another 21-percent of Changchun Film Real Estate. The announcement did not give the amount of this transaction.

The Hainan-based companies are the main developer and operator of Holland Village in the Global 100 Theme Park, Changchun Film Studio's large-scale cultural tourism facility in Hainan. The theme park is in Haikou city and has Chinese, German, British and Spanish sections. It is a seaside resort that combines leisure and entertainment, world scenery and film themes.

Longyun said that the company aims to grow its culture and entertainment business with the acquisition. The firm plans to bring its advertising ability and cultural communication experience to the theme park, expanding its tourism marketing business.

Based in Jilin province, Changchun Film Studio, was China's first movie studio after the country's 1949 founding. It has produced more than 1,000 films and translated more than 1,000 foreign movies. The group has developed tourism assets such as amusement parks, museums, and film and television bases in recent years.