Los Angeles-based Asia Film Group is now meeting with production and distribution partners to finance its Asian-language remakes of RKO Pictures’ classics.

Famed RKO, once run by Howard Hughes, produced films such as Citizen Kane and It’s A Wonderful Life.

Now, Asia Film Group has the Asian-language remake rights to 700 titles from the RKO library.

“Based upon market research and analysis and producer and distributor feedback,” said Meng King, Managing Partner of Asia Film Group, “We estimate that 3% - 5% of the titles we have, if executed and marketed correctly and released timely, can potentially become box office successes. And with that also comes the ability to further reduce risk in terms of time and cost by working from a completed source material specifically chosen for a pre-targeted market.”

RKO Picture’s Director of Development Jon Reiman added: “Asia is the next great frontier for the film industry. It is a great place to explore new and exciting entrepreneurial opportunities in the industry. From a creative point of view, Asia is a place of unique innovation.”

Asia Film Group is a buying consortium of Asia, India, Southeast Asia and Middle East distributors.