March 9, 2020 / 8:58 AM / a month ago

Shanghai Film Group sets up $144 mln fund with partners to support Chinese cinemas - state media

SHANGHAI, March 9 (Reuters) - Shanghai Film Group will set up a 1 billion yuan ($143.94 million) fund with partners to help some Chinese cinemas cope with the impact of the coronavirus outbreak, the China Securities Journal reported on Monday.

The company said its partners for the fund include its listed unit Shanghai Film Co and Shanghai Jingwen Investment. It also said that the funds will be mainly used to support movie theatres in the Yangtze Delta region.

China's cinema industry has been badly hit by the coronavirus outbreak as many have been shut as part of precautionary measures taken by local authorities to curb the spread of the virus.

$1 = 6.9474 Chinese yuan renminbi Reporting by Roxanne Liu and Brenda Goh, editing by Louise Heavens

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