Pinewood Shepperton has signed a joint venture with a Chinese media entrepreneur as it seeks to expand its production services into the fast-growing Chinese market.
The venture partnership with Bruno Wu’s Seven Stars company will be called Song Lin and looks to make co-productions, run film courses, develop financing for Chinese productions and create film-themed entertainment venues.
Pinewood, which is the home of the James Bond movie franchise and owns Europe’s largest film studio, said the deal could realise “significant opportunities” for movie and TV producers in the UK.
According to a Sky News report, a sharp rise in box office revenues in China, boosted by an emerging middle class making more trips to the cinema, has encouraged foreign film producers to seek local partners to help them crack the market.
Prime Minister David Cameron, who has sought to woo emerging nations as markets for British exports, welcomed the news.
“Pinewood is leading the way, taking advantage of China’s thriving entertainment and media sector and building on Britain and China’s growing trade relationship,” he said.
Pinewood, which has expanded its presence across large parts of the world, recently submitted a fresh proposal to develop its main site in Buckinghamshire after it was previously rejected by planners.