HONG KONG - As trade tariffs and tweets by US President Donald Trump hammer some of China's biggest companies, the country's movie business is taking a hit - from its own government.
The chill has spread to some of China's most globally recognised filmmakers, bankable names that cinema operators have relied on for hits. "'The Eight Hundred' was going to be a big film," said TJ Green, chief executive officer of Apex International Cinemas, which builds and runs cinemas through a strategic alliance with the state-owned China Film Group."It's definitely a disappointment and this summer's revenues have definitely been affected."Amid the dearth of hits, China's box-office sales fell 3.
At the same time, this makes foreign blockbusters especially attractive as a way to boost cinema revenue in China.The summer-season approval for Hobbs & Shaw also suggests that the success of local blockbusters and comedies in 2017 and 2018 have failed to sustain a trend away from Hollywood fare to fill seats.
Chinese authorities cracked down on tax evasion last year, a sweep that led Fan Bingbing, one of China's best-known actors, to fall out of public view for months. She re-emerged with an apology published on social media and an agreement to repay more than US$100 million in tax and penalties.
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Source: BusinessTimes - 🏆 15. / 51 Read more »