Magazine article Variety

Wanda Bets on More Chinese Cinemas`

Magazine article Variety

Wanda Bets on More Chinese Cinemas`

Article excerpt

JACK GAO, WANDA'S head of international developments, said the giant Chinese group is unfazed by the recent slowdown of the country's box office and plans to maintain an aggressive pace of multiplex building.

"The slowdown was not a surprise," said Gao, group VP and CEO of international investments and business development at Wanda Cultural Industry Group. He was speaking Tuesday at the Chinese-American Film Festival Summit and echoed many of the same sentiments at the U.S.-China Film & TV Expo summit on Wednesday at L.A. Live. "We didn't expect it to happen so fast, but you know what, it is a good thing."

China's theatrical box office had risen in an almost unbroken upswing for almost a decade, hitting an astonishing 49% growth rate last year, to finish 2015 with $6.8 billion. This year started brightly and further records were broken at Chinese New Year in February. But since June revenues have flatlined and the year will likely end up with single figure or low double-digit percentage growth. …

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