Filmmakers spar with financiers in Shanghai

June 15, 2009 Top Chinese producers engaged global venture capitalists in a lively debate about risk in China's rapidly expanding film industry Monday at the market adjoining the 12th Shanghai International Film Festival. Patrick McGovern, chairman of the International Data Group, which has $2.4 billion invested in 240 Chinese companies -- including online giants Sohu, Tencent and Baidu -- laid out the terms for his country-specific media fund focused on making films. "We're not interested in stand-alone films but in developing a business around the community of fans," said McGovern, who, with his chief China representative Hugo Shong, called for 35%-40% return on IDG China Film Fund investments.

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