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11/05/2024 01:41:24 am

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Singapore Firm Pumps $100 Million Into China Media, Entertainment

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(Photo : Reuters) A man crouches in front of television sets broadcasting recorded footage of 2014 Brazil World Cup group D match between England and Uruguay, at a home appliances store in Wuhan, Hubei province June 20, 2014.

A private equity company in Singapore, Tembusu Partners, teamed up with media magnate Calvin Cheng and the founder of China's biggest private movie distributor to put up a $100 million investment fund for China's media and entertainment industry.

Tembusu, former Singapore lawmaker Cheng and Yu Dong, the founder and chairman of Bona Film Group, are the three main partners in the Singapore-parked investment fund that will run for five years.

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The main investors are likely to include Thailand's Chia Tai Group besides Bona Film.

The fund will zero in on companies, content and technologies in the media space in the Chinese market.

The investors said China's expanding media market presents many opportunities.

Cheng said the media market in China has the fastest growth in the world and within several years, it has almost caught up with the US -- now the globe's second largest box-office market in the world.

He added that because Internet use in China is also very developed, media convergence is very advanced in China. The media entrepreneur sees big opportunities, not only in movies and television content, but the entire media value chain.

An assistant chief executive at the Media Development Authority of Singapore was quoted as saying the media investment fund shows the city state's position as a regional hub for the production, financing, distribution and management of media content.

Yu said Singapore's legal and financial framework makes for a thriving film industry and relevant policies support the local film culture.

At the same time, he said Singapore's sound legal system, favorable tax policies and the matured financial market system are all very suited to launch the media fund.

The planned five-year media investment fund will be officially opened on March 31, 2015, with fund-raising to start shortly after.  

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