Fosun forms alliance

Shanghai-based conglomerate Fosun International announced on Tuesday that it had formed a strategic alliance with Shanghai Film Corp Ltd to launch an investment fund, which will focus on the cultural industry.

The fund will be used to invest in domestic and foreign films and TV shows and to -acquire and merger cinema lines, China Business News reported on Tuesday.

The two companies will cooperate to launch film bases, cultural parks and entertainment and tourism resorts, the news portal. They will restructure their assets, make joint investments and purchase projects to achieve their goals, it said.

China's entertainment industry has been growing 12 percent each year on average since 2007, news portal ifeng.com reported on Tuesday, citing a PwC report. The country also had the world's second-largest box office in 2013, worth $3.6 billion.