Korea’s CGV opens three new theaters in China

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Korea’s CGV opens three new theaters in China

HONG KONG - CJ CGV, the operator of Korea’s largest multiplex cinema chain, has recently opened three new theaters in China as part of its efforts to tap the rapidly-growing market of Chinese moviegoers, company officials said yesterday.

The number of multiplexes operated by CJ CGV Holding Limited, CJ CGV’s wholly-owned subsidiary incorporated in Hong Kong, increased to 14 in China.

The company aims to increase the number to 28 by the end of 2013 and 60 by 2015.

It currently operates theaters in Beijing, Shanghai, Wuhan, Tianjin, Fushun and Shenyang, and will expand to Changsha and Harbin later this year, the officials said.

CJ CGV started to expand its business in China in 2006, forming a joint venture with the Chinese state-owned studio Shanghai Film Group.

Due to its aggressive Chinese expansion plan, the company is expected to post losses in China this year.

Its Chinese business, however, will likely start turning a profit in 2014 as many of its Chinese multiplexes are expected to become profitable after one year of operation.

Market watchers say China will overtake Japan as the world’s second-biggest cinema market. Last year, China’s box-office receipts grew 33.3 percent to 13.15 billion yuan ($2.08 billion) with the market value reaching 17.25 billion yuan.

The number of cinema screens in China has increased from 4,753 in 2006 to 10,700 in 2011, according to data released by the Motion Picture Association of America.

Yonhap

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