Chinese real estate company Evergrande Group is to deploy 500 Barco projectors in its current and coming cinemas in China. Evergrande Group is one of the ten largest real estate developers in mainland China. Evergrande is expanding its business to the cinema exhibition industry and currently building 77 cinemas in residential neighbourhoods across the country, five of which are already in operation.
In order to expand its cinema exhibition business, Evergrande has set up a wholly owned subsidiary, Evergrande Cinema Line Management Co., Ltd., to focus on cinema investment, operation and management. Evergrande Cinema plans to open another 30 multiplexes with more than 210 screens in 2014, and expects to reach 150 sites with 1,100 screens by the end of 2016.
This is significant as Evergrande’s ambitious expansion plan will make it a very strong competitor in the exhibition market in China. As one of the leading real estate groups in China, Evergrande has the financial resources for a heavy and rapid investment. Evergrande is similar to Wanda Group, who is also a leading property developer that entered the cinema exhibition market successfully, in China and USA. With robust financial recourses, Wanda Cinemas quickly made itself a market leader (by box office) within five years. Wanda Cinemas currently operates 142 cinemas with approximately 1,247 screens across China.