(Yicai Global) Oct. 11 -- The Beijing Municipal Bureau of Press, Publication, Radio, Film and Television has signed a strategic cooperation agreement with Bank of Beijing Co. [SHA:601169] to offer up CNY50 billion (USD7.57 billion) in credit to cultural firms in the Chinese capital over the next five years, state-owned news agency Xinhua reported today.
The credit line will exempt borrowers from complicated loan procedures, including the application process, guarantee and approval. Mortgages can also be covered by the funds.
Under the deal, Bank of Beijing will put up the credit for companies under the management of and recommended by the Beijing-based media bureau. These firms will be able to apply through a fast-track channel.
The bank has been offering support for the film, television and publishing industry since 2010, and has provided over CNY14 billion (USD2.12 billion) in loans to almost 300 companies, backing such promising firms as Bona Film Group Ltd. [NASDAQ:BONA] and Beijing Enlight Media Co. [SHE:300251]. It has also lent money for the production of hit film Wolf Warriors II and television series Dangal.