IMAX Corporation (NYSE: IMAX) today announced an agreement with Better Life Commercial Chain Share Co. Ltd., (Better Life) a multi-format retailer, for two new IMAX® theatres in China's Hunan province to be operated by its joint venture, Hunan Shengshi Entertainment Culture Investment Co. Ltd.
One theatre will be located in the city of Xiangtan and another in the city of Changsha, Hunan's capital. This marks the Company's first agreement with Better Life Commercial Chain Share Co.Ltd., a leading commercial developer in China that operates supermarkets, department stores, convenience stores and commercial complexes.
"We have a robust growth plan to develop several shopping malls in China over the next few years, which will include approximately five to six multiplexes every year," said Wang Tian, Chairman, Better Life Commercial Chain Share Co. Ltd. "IMAX is a world-renowned brand embraced by moviegoers in China as the best way to experience movies. As such, we expect IMAX will serve as a key entertainment attraction for our new complexes in Xiangtan and Changsha and also look forward to making IMAX a part of our upcoming developments."
"Among commercial developers, IMAX is considered a premium anchor tenant, which from a project's inception to launch, can help secure other premier; retailers and offer consumers a differentiated entertainment experience," said Richard L. Gelfond, CEO, IMAX. "Better Life is a top-notch commercial developer and we're delighted that they've joined our business and made IMAX a part of their growth strategy." About Better Life Commercial Chain Share Co. Ltd.
Better Life Commercial Chain Share Co. Ltd. was established in 1995 and is committed to being the leading commercial and service business operator. The company was listed on the Shenzheng Stock Exchange on June 19, 2008 and to date, has expanded into different business areas, now owning subsidiaries such as Better Life Hypermarket, Better Life Mall, g.yunhou.com
, Better Life Land, Better Life EMart, Chu restaurant, Homy-Store, etc. By the end of 2014, the company had entered into the markets of Hunan Province, Guangxi Province, Sichuan Province, Guizhou Province and Yunnan Province. Represented by the famous celebrity pianist Langlang, the company's star commercial real estate project "Better Life-New World" has been powered by a dozen multi-complexes, which are currently under construction. Part of the "Better Life-New World" development is the Changsha Meixi Lake New World project, which includes commercial properties spanning over 70 thousand square meters. This large commercial complex has already attracted famous brands including IMAX, Flight Experience Pavilion, Cool Car Park and Genting Amusement Park, etc.