IMAX to open 15 cinemas in China

Updated: 2010-09-21 16:16
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IMAX Corp plans to open 15 cinemas in China with its South Korean partner CJ CGV Co in the next five years, Bloomberg reported Tuesday.

The Canadian company specializing in immersive motion picture technologies said that CJ CGV will build the first two theaters next year, with the remaining 13 to be completed between 2012 and 2015.

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A total of 96 IMAX systems are scheduled for China, the company's second-largest market, IMAX said in a statement.

Its overall goal is to open 250 to 300 theaters in China, which will allow IMAX to claim the title of largest foreign movie exhibitor in China, Xinhua News Agency reported earlier.

On July 21, IMAX signed an agreement with Guangzhou Jinyi Film & Television Group to open eight IMAX theaters in China. The agreement adds to the four IMAX theaters already contracted to Jinyi. The 12 IMAX theaters are scheduled to be completed by December 2010, according to a previous China Daily report.

China is IMAX's fastest-growing market with 23 IMAX cinemas opened to date, according to the China Daily report.

IMAX grew 5.5 percent to $15.96 in Nasdaq trading Monday. Its shares have gained 20 percent this year, according to Bloomberg.