For the second time in BIFF, NEW and Huace made headlines for their partnership deals. (Photo : Variety)
During the 20th Busan International Film Festival (BIFF), Chinese firm Huace and South Korea's Next Entertainment World (NEW) announced that they are teaming up for three co-productions.
Additionally, an office dedicated for the production joint venture is slated to open in Beijing, where Korean staff are expected to come and report to work.
Kim Woo Taek, NEW's chief executive officer, revealed that the two firms will co-invest and co-produce the titles equally. They will also have a 50-50 revenue share.
Kim was speaking during the launch ceremony graced by Huace Union President Yoo Young Ho, Huace Pictures director of international business John Chiew, NEW's director of investment and production division Samuel Kim, BIFF director Lee Yong-kwan, co-director Kang Soo-yeon and honorary director/founder Kim Dong-ho.
In the 2014 edition of BIFF, Huace also made headlines when it pledged an investment worth $52 million to the South Korean firm. The move propelled the Chinese company to become NEW's second largest shareholder. It also served as the first and largest collaboration between a Chinese and a South Korean film company.
For Kim, his firm and Huace "share the same visions and passion for cinema." He added that the two "will work hard together to help diversify the media culture of Asia."
Apart from the co-production venture, Huace and NEW also unveiled three new projects.
Recently, the two jointly bought the remake rights of Kang Full's South Korean webtoon strip, "The Witch." Its Korean format will be helmed by Kim Daewoo ("Obsessed"), while its Chinese version will be directed by Leste Chen ("Twenty! Once Again").
NEW's summer smash "The Beauty Inside" will also get a Chinese remake, the firms shared. Its original director, Baik, will also handle the film's Chinese version.
Another NEW title, crime thriller "The Phone" is also set to get a Chinese-language remake.
