- Chinese companies funded six Hollywood films last year generating box office returns of US$536 million in China
- Oscar winner Green Book, produced by Alibaba Pictures, made US$70.6 million in box office revenue on the mainland
Gone are the days when money from China flowed freely into Hollywood.
Instead of throwing billions of dollars chasing trophy assets like movie studios, Chinese firms have become smarter and are shifting to project based investment, according to Steven Xiang, CEO of Huanxi Media, a movie making and streaming company listed in Hong Kong.
Chinese capital went into the production of six Hollywood movies in 2018, twice the number in 2017. Box office revenue from these releases rose to 3.6 billion yuan (US$536 million) on the mainland, 28.6 per cent more compared to the previous year, according to data from entertainment consultancy Ent Group.