CJ Entertainment announced that they signed a memorandum of understanding with China Film Group Corp, a state owned company, at the Shanghai Film Festival. CJ explained that the agreement encompasses combining their knowledge and resources in numerous areas, including: financing, actors, directors and remakes.
The two parties plan to co-produce both Korean and Chinese language films with settings in both China and Korea. Two productions are already in progress and one of them should start filming in the second part of the year, according to CJ.
The memorandum of understanding marks another inroad of CJ into the rapidly expanding Chinese film market. CJ already distributes in China and opened a cinema in Shanghai.
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