Shaw Bros. eyeing move back to exhibition heyday
Announces plan for new H.K. cineplexShaw Property Holdings and Multiplex Cinema will open Hong Kong's biggest cinema this year, Shaw executives said Tuesday, describing the HK$100 million ($12.8 million) project as the start of a possible return to Shaw's prominence in the exhibition sector (HR 9/5).
In its 1960s and '70s heyday, Shaw owned more than 100 cinemas across Southeast Asia, but today that figure is down to two Hong Kong theaters. Shaw has invested 70% of the capital in the project, with MCL putting up the balance.
Located in the 900,000-square-foot Elements shopping complex and transportation hub on the western side of the Kowloon peninsula, the new Grand Cinema's 12 theaters will seat 1,700 and include one luxury theater.
"It's a big site, and it's the only one that can help Shaw achieve what it hopes to accomplish in Hong Kong, which is to create more than a cinema," said Raymond Chan, director of property development at the private arm of Shaw Bros. He added that he hopes the theater will be ready for a soft opening in October.
The complex will feature a special sound system designed by Tom Hidley, the American sound designer for the Shaw Studios.
"The sound will be as close as we can get to true mixing studio quality in a concrete structure commercial complex," said Lloyd Chao, director of business development at Shaw Studios.
Chao said the project is an expression of the desire of Shaw chairwoman Mona Fong and the board of directors to look at rebuilding the company into a film production and exhibition player.
"We're testing the waters to see how this new sort of property performs," Chao said.
The Grand Theater in Hong Kong will be operated by MCL, which can draw films from its sister company, distributor Intercontinental. MCL's three other cinemas in Hong Kong are the MCL JP Cinema in Causeway Bay (also a Shaw property), the MCL Cinema Metro in Tseung Kwan O and the MCL Kornhill Cinema in Taikoo, Chan said.