Hong Kong's eSun Holdings, parent of the Media Asia Entertainment Group, and Japan's Avex Group have announced the creation of a film fund of $50m over five years, to be jointly financed by both parties.

The two companies have formed a joint venture company, PAMIEM Film Fund Limited, incorporated in Hong Kong, which will be involved in the business of developing, funding and producing feature films targeted primarily at Asian markets.

It also aims to nurture and develop the acting and filmmaking talent that is involved in the creation of these films.

Media Asia will own 50% of the joint venture company, Avex will hold 40% and Avex's Hong Kong-based pan-Asian production outfit, Avex Asia, will hold the remaining 10%. Projects backed by the fund will be distributed by Avex in Japan and Korea and by Media Asia in China, Hong Kong and South-East Asia.

The fund was given a soft launch at Avex's party during this year's Cannes film festival, when the music and entertainment giant, which is one the key investors in John Woo's Red Cliff, outlined its pan-Asian film ambitions.

In March, Avex also established a 10-year $16.75m film fund in partnership with major film producer Bill Kong, Irresistible Films LP, which is managed by former Media Asia execs Nansun Shi and Jeffrey Chan.

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