Pop corn and 3d glasses on armchair. Photo: iStock
Pop corn and 3d glasses on armchair. Photo: iStock

China Calxon Group, whose controlling interest is held by Xu Jiayin, chairman of real estate giant Evergrande Group, is heading into the movie industry, The Paper reported.

According to the company’s statement, Calxon Group has acquired a 100% stake in both Star Age Cinema Investment Co. Ltd. and Aimei Cinema Investment Co. Ltd.

The company has also disclosed that Calxon Internet Technology Co. Ltd., a wholly-owned subsidiary of the group, acquired Star Age Cinema at a transaction price of 565 million yuan (US$82.91 million), and  Aimei Cinema for 30 million yuan, in a deal worth a total 595 million yuan.

Star Age Cinema has 18 self-operating theaters and 24 franchised cinemas. By the end of 2017, the firm’s total operating income was 106 million yuan, with a net profit/loss of 33 million yuan.

Aimei Cinema’s total operating income in 2017 was 9.73 million yuan and the net profit/loss was 64,400 yuan.