Hongkong’s ITC Properties Group Limited will invest RMB 6 billion in the construction of an Asia-Pacific film festival cultural base in Sanya, Hainan.

After the base is completed, an Asia-Pacific film festival and TV festival will be held in Sanya every year, and the base will be the permanent and high-end site of film conventions and exhibitions in the Asia-Pacific area.

The ITC Properties Group’s president in China Dai Jipin expects that the project could be developed into a world-recognized international film festival to rival the Oscars, Cannes, Venice and Berlin International film festivals within 5 to 10 years after the completion of the project.

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