'China's Rupert Murdoch' teams up with Hollywood giant Warner Bros in Hong Kong to make films in China

"China's Rupert Murdoch" is teaming up with a Hollywood giant to venture into the global film market, with a partnership headquartered in Hong Kong.

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Li Ruigang's China Media Capital (CMC) and Warner Bros Entertainment will form an international production and distribution joint venture called the Flagship Entertainment Group.

It aims to capitalise on the burgeoning film market in mainland China, the world's second largest, where box office receipts increased by 36 per cent last year to 29.6 billion yuan (HK$36 billion).

CMC leads the venture with a 51 per cent stake. As 10 per cent of the CMC-led consortium is held by TVB, the city's dominant broadcaster, it has raised hopes that the ground-breaking collaboration will boost the city's creative industries. Warner Bros holds a 49 per cent stake.

The first productions are expected to be released as early as 2016.