After Microsoft disclosed its plans to launch the Xbox One in China, Sony is following suit, having signed a deal with Shanghai Oriental Pearl Group to launch PlayStation in the country, as it was announced today by the Chinese company:
Shanghai Oriental Pearl Culture Development Co., Ltd. and Sony (China) Co., Ltd., a wholly owned Chinese subsidiary of Sony Corporation, signed a joint venture agreement in the Chinese (Shanghai) free trade zone and jointly funded a joint venture responsible for the production, marketing, Sony Computer Entertainment’s PlayStation hardware, software and related services business in China.
Shanghai Oriental Pearl Culture Development Co., Ltd. and Sony (China) Co., Ltd. have agreed to jointly set up two companies to be responsible for hardware and software products and services.
The two companies formed will be Shanghai Oriental Pearl Solatube Culture Development Co., Ltd., the capital of which will be formed by a 51% investment from Shanghai Oriental Pearl (RMB 5.1 million) and a 49% investment from Sony China (RMB 4.9 million). Sony will invest 70% of the capital of the second company (RMB 3,066 million), which will be named Sony Computer Entertainment ( Shanghai ) Co., Ltd., while Shanghai Oriental Pearl will pinch in the remaining 30% (RMB 1,314 million).
The total investment for Sony Corporation in the joint venture is RMB 1318.9 million, which translates into slightly south of $211.5 million.
The announcement did not disclose the specific PlayStation consoles that will launch in China, but it did include the mention that the operation will involve local game developers in order to fuel the production of original games for PlayStation platforms and to promote the growth of the Chinese video game industry.