One of China's Largest State-owned Commercial Developers Partners with IMAX to Expand China's Next Generation Theatre Experience
- China Resources Land Agrees to Feature 14 New IMAX with Laser Theatres as Anchor Attractions at Luxury Shopping Malls Across China
SHANGHAI and NEW YORK, Sept. 12, 2018 /PRNewswire/ -- IMAX Corporation (NYSE: IMAX), IMAX China Holding, Inc. (HKSE: 1970) and Wanying Cinema Line, the subsidiary of China Resources Land, one of China's largest state-owned commercial developers, today announced an agreement for 14 new IMAX® theatres. The theatres will feature IMAX with Laser, IMAX's new, ground-breaking laser experience for commercial multiplexes, and are expected to open between 2018 and 2021. This agreement brings the total number of contracted IMAX theatres in Greater China to more than 900.
The IMAX theatres will be installed in new MIXCINE branded multiplexes within China Resources Land's new luxury shopping centres, a majority of which will be located in tier one and tier two cities. Chongqing and Taiyuan MIXCINE IMAX theaters will be opened on September 15, installed with the next generation IMAX with Laser system. Additionally, the parties signed their first agreement for an IMAX theatre earlier this year, which opened in March, bringing the total IMAX commitment of Wanying Cinema Line, the subsidiary of China Resources Land, to 15 theatres.
"We are pleased to build on this new partnership with China Resources Land, China's most influential integrated urban developer and operator, that will leverage our premium brand and The IMAX Experience® as the anchor attraction for its luxury shopping complexes. We believe their commitment to IMAX with Laser is a strong validation of our ability to deliver an immersive experience that simply can't be matched by any other medium or technology," said IMAX CEO Richard L. Gelfond. "IMAX is now more entrenched than ever in the fabric of China's cinema industry as we continue to expand our network through forging partnerships with the nation's leading developers, exhibitors and studios and by presenting a growing number of Chinese blockbusters. These factors, coupled with today's agreement, reinforce our confidence in the China market and the growth opportunities that lie ahead to bring consumers a premium experience."
"Over the years, we've witnessed the success of IMAX to drive foot traffic to multiplexes in many of our luxury malls across China. When we launched our own cinema business earlier this year, we immediately knew that IMAX would serve as our flagship entertainment attraction at our new cinema complexes as well as the luxury shopping centres where they will be located. To date, we have been impressed by the performance of our first IMAX theatre in Shenzhen," said Linkang Yu, Vice President who is responsible for Commercial Real Estate, China Resources Land Limited. "Our goal is to deliver premium retail and entertainment experiences throughout China. IMAX's ground-breaking laser technology, premium brand and increasing slate of Chinese blockbuster movies will help us to deliver on this promise."
The agreement was signed with Wanying Cinema Line (Shenzhen) Co. Ltd., a wholly-owned subsidiary under China Resources Land responsible for the operation of all its cinemas under its MixC cinema brand.
About Wanying Cinema Line and the MIXCINE
Wanying Cinema Line (Shenzhen) was established in February, 2018. It is wholly owned by China Resources Land, a leading commercial real estate company. It specializes in cinema investment and other businesses, and establishes the self-operated cinema brand the "MIXCINE".
Relying on the good location conditions, operation level and expansion pace of China Resources Land's Investment Property, Wanying Cinema Line has set up two 'MIXCINE' product lines, which match with the positioning of China Resources Land's Commercial Property the 'MIXC' and the 'MIXC ONE'.
Wanying Cinema Line shoulders the heavy responsibility of spreading and building a new era of people's cinemas; combing with artistic principles to create a platform for local high-quality film screening; forming an industry scale and establishing professional influence; developing diversified businesses to enhance profitability.
The MIXCINE is a domestic high-end film center invested, constructed and operated by Wanying Cinema Line (Shenzhen) Co., Ltd. which is wholly-owned by China Resources Land Limited. With the "Efficient Use of Optics and Acoustics" as the core element of the building, and "All for the film-watching service" as the main service principle, it will create a high-end movie theater with excellent experience for film fans.
About China Resources Land
China Resources Land Limited (HK1109) is the urban construction and operation subsidiary of China Resources Group engaging in real estate business, as well as the most influential comprehensive urban investment developer and operator in Mainland China. It became one of the blue chips of Hong Kong since March 8, 2010 when Hang Seng Index included CR Land as a constituent stock. As of late August2013, the total asset of the company is more than HKD 230 billion with a net asset of HKD 89.5 billion and land reserve of over 30 million square meters. Up till now CR Land has expanded its business to over 50cities in Mainland China with over 110 ongoing projects.
Upholding the brand philosophy of "better quality, better city", CR Land is committed to achieve the leading level in product and service, exceed the expectation of clients and bring changes to clients' life style. Adhering to the business mode of "residential development + property investment + value-added service", CR Land has formed eight product lines in residential development, namely, MIXC high-end series, Urban high-end series, Suburb high-end series, Urban quality pursuit series, Suburb quality pursuit series, Urban upgrade series, Suburb upgrade series, Resort series. In regard of property investment, it has developed the MIXC complex, the Hi5 - the regional commercial center and 1234Space - a place for chic lifestyle experience, which makes a change in urban lifestyle while promotes urban economic development and improves the image of the city. The MIXC complex has been developed to 22cities in Mainland China and put into operation in Shenzhen, Hangzhou, Shenyang, Chengdu, Nanning and Zhengzhou. CR Land has also developed the Hi5 projects in 22 cities since the Hi5 opened in Beijing, Hefei and Yuyao. And the first 1234Space has opened in Shenzhen since 2013.
About IMAX China
IMAX China is a subsidiary of IMAX Corporation, and is incorporated under the laws of Cayman Islands. IMAX China was established by IMAX Corporation specifically to oversee the expansion of IMAX's business throughout Greater China. IMAX China trades on the Hong Kong Stock Exchange under the stock code "HK.1970."
About IMAX Corporation
IMAX, an innovator in entertainment technology, combines proprietary software, architecture and equipment to create experiences that take you beyond the edge of your seat to a world you've never imagined. Top filmmakers and studios are utilizing IMAX theaters to connect with audiences in extraordinary ways, and, as such, IMAX's network is among the most important and successful theatrical distribution platforms for major event films around the globe.
IMAX is headquartered in New York, Toronto and Los Angeles, with additional offices in London, Dublin, Tokyo, and Shanghai. As of June 30, 2018, there were 1,410 IMAX theater systems (1,314 commercial multiplexes, 12 commercial destinations, 84 institutional) operating in 79 countries. On Oct. 8, 2015, shares of IMAX China, a subsidiary of IMAX Corp., began trading on the Hong Kong Stock Exchange under the stock code "HK.1970."
IMAX®, IMAX® 3D, IMAX DMR®, Experience It In IMAX®, An IMAX 3D Experience®, The IMAX Experience®, IMAX Is Believing® and IMAX nXos® are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).
This press release contains forward looking statements that are based on IMAX management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. These risks and uncertainties are discussed in IMAX's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.
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