MUMBAI: Two entertainment giants in China Shanda Interactive and Hunan Broadcasting and Television Group have formed a joint venture that will invest $87.8m (RMB600m) in film and TV production.

The joint venture will also engage in other related businesses such as agency services.

Its first project will be a remake of TV series, Princess Huanzhu, which was a national hit from 1998 to 2001 and helped raise the stardom of actors such as Zhao Wei, Fan Bingbing and Huang Xiaoming. 

It will also produce a film adapted from Xing Chen Bian (Evolution Of Beginnings), one of the most popular novels from Shanda‘s online literature site, Shanda Literature.

Shanda is a major player in China‘s huge online games industry, producing popular multi-player role-playing games and advanced casual online games in mainland China.

The joint venture marks a further step by Shanda into film and TV production. In 2007, Shanda Literature sold the film rights of Gui Chui Deng (Ghost Blows Out The Candle) to Shanghai-based Meridian Pictures.

Hunan TV is China‘s top provincial broadcaster, known for producing the successful reality TV singing contest Super Girl.