China Film Group Corporation (CFGC), China's largest state-owned movie producer and distributor, issued 500 million yuan (67.56 million U.S. dollars) worth of bond here.

    The fund financed through the seven-year secured bond will be spent in building a digital production center for movies and new digital cinemas, the company said in a press release.

    The money will also go to renewal of some old cinemas, it said.

    The digital production center, covering an area of 34.14 hectares in a northern suburb of Beijing, has been under construction since early 2006 with an estimated investment of 900 million yuan (121.62 million dollars).

    The Chinese government has invested 200 million yuan (27.03 million dollars) in the center.

    The CFGC is also the only importer of foreign movies in China and a major exporter of Chinese films.