The Beijing-based real estate giant closed the deal for the"epic love story," starring Idris Elba and Tilda Swinton, with CAA Media Finance during the recent Cannes Virtual Market.
Australian auteur George Miller is getting into business with Beijing-based real estate giant Sunac China. The Chinese property developer has closed a deal to co-finance Miller's forthcoming "epic love story"Sunac's growing entertainment subsidiary Sunac Culture will distribute the film in China and participate in the title's worldwide box office revenue. In May, MGM nabbed North American distribution rights to the project.
The Sunac deal, which was brokered by CAA Media Finance at the recent Cannes Virtual Market, is among the very few recent cross-border film agreements between Hollywood and China this year. During Cannes, Beijing buyers, weighed down by financial hardships at home caused by more than five months of cinema closures. But even before the pandemic, the ongoing U.S.
Sunac is commonly cited as China's fourth-largest private property developer. The company came to Hollywood's attention in 2017 when it stepped in to buy a collection of Chinese theme parks and the Qingdao Oriental Movie Metropolis — a vast film studio complex with 40 state-of-the-art sound stages — from fellow real estate giant Dalian Wanda Group, which had fallen out of political favor and was buried in debt.
Sunac Culture is headed by Sun Zheyi, the 30-year-old son of Sun Hongbin, the property conglomerate's chairman. The entertainment arm is said to have big ambitions as a film financier.
That's a huge gamble on people rushing back to the movie theater.
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