(Yicai Global) Sep. 8 -- China Evergrande Group [HK:3333] and Huayi Brothers Media Corp. [SHE:300027] subsidiaries will develop cultural tourism real estate projects.
Evergrande Group Wuhan Co. and Huayi Brothers (Tianjin) Live Entertainment Co. established a joint venture, Wuhan Hengyi Film Culture Co., on June 13 with Hong Changlong as its legal representative and registered capital of USD15.4 million (CNY100 million), The Paper reported.
The JV's business is set to cover organizing and planning cultural and arts events as well as film and television shootings of cultural and recreational activities, conference and exhibition services, animation and derivative product design services, and real estate development and management.
At the Hubei-Hong Kong-Macao-Guangdong economic and trade cooperation conference held from August 15 to 18, the government of Wuhan's Qingshan district signed agreements with the joint venture and Evergrande Health Industry Group Ltd. for the Evergrande-Huayi Brothers film world and Evergrande health valley projects.
Evergrande Chairman Xu Jiayin and Huayi Brothers Chairman Wang Zhongjun visited Jiang Chaoliang, secretary of Hubei Provincial Committee of CPC, and Wang Xiaodong, governor of Hubei, in June. Evergrande Tourism Group and Huayi Brothers reached a preliminary intention of cooperation on tourism real estate development projects at the meeting.
Six of the JV's senior executives are from Evergrande, and two are from Huayi Brothers.