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Government fund approves investment in local film company

2012/05/29 13:15:29

Taipei, May 29 (CNA) The government-managed National Development Fund approved on Monday an investment of US$21 million in East Grand Films, a Taiwanese subsidiary of U.S.-based Rhythm & Hues Studios, in a bid to help visual effect technology take root in the country.

East Grand Films, a film investment firm, will also invest at least US$21 million in Taiwan to help domestic manufacturers to take part in the production of special effects for Hollywood films, according to the fund.

Rhythm & Hues Studios will also set up its vfx studio in Kaohsiung and partner with Chunghwa Telecom and Quanta Computer Inc. to create a cloud-computer center for the animation and visual effects communities.

Oscar-winning director Ang Lee introduced Rhythm & Hues Studios to the Ministry of Economic Affairs. He is working with Rhythm & Hues on his adaptation of Life of Pi.

Besides Life Of Pi, Rhythm & Hues Studios slate includes Big Miracle, R.I. P.D. and Snow White and the Huntsman.

(By Lin Huei-chun and Lilian Wu)