Wednesday, July 30, 2008

China revises performing-arts rules for HK, Macao investors

The State Council (cabinet) introduced revised rules on performing arts in Beijing on Tuesday, allowing investors from the Special Administrative Regions (SAR) of Hong Kong and Macao to establish solely-funded broking companies and manage theaters in the mainland.

The conditions are contained in the "Regulations on the Management of Commercial Theatrical Performances."

Under previous rules, issued on July 20, 2005, funds from the two SARs were only permitted to set up cooperative enterprises or joint ventures in this sector.

The move is intended to accompany the fourth supplementary agreement to the Closer Economic Partnership Arrangement among the mainland and the two SARs, approved on July 1, 2007. It allows Hong Kong and Macao investors to set up exclusively funded agencies on brokerage in the mainland.

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