The venerable Shaw Brothers group is to press on with plans to build Movie City, a $109m (HK$850m) studio complex in Hong Kong's Tseung Kwan O district.
The scope of the development, which has been mooted for many years, was expanded last year, but looked close to collapse last month when three key backers pulled out (Screendaily Feb 5).
Shaw yesterday (Mar 26) reconfirmed its intention to hold a 35% stake. ""We think it's good for the industry as a whole because there will be more modern and advanced and all-under-one-roof facilities for film production," a spokesman for Shaw told the Reuters agency.
Media Asia, which held a 10% stake in Movie City, now look likely to switch its studio investment focus to a TV complex to be built in nearby Macau by its parent eSun Holding.
After the withdrawal of Media Asia, Taiwan's Era group (10%) and Hong Kong video group Mei Ah (0.5%), the remaining investors in Movie City are China Star, Jing's Production and Shaw.