Imax has announced a $40m plan to open 75 cinemas in China by 2014 in a bet that Chinese spending on entertainment will start to catch up with western markets.
Rich Gelfond, chief executive, said the joint venture with Wanda Cinema Line, China’s largest cinema operator, would see Imax put up the per location cost of 2D and 3D projection equipment and screens of about $500,000, with Wanda building the theatres at a cost of about $1m each.
Mr Gelfond would not disclose the share of box office takings Imax would keep, but said the large-screen film exhibitor typically retains 20 per cent in similar revenue-sharing partnerships.
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