China-based internet company Baidu has partnered with film company Central Pictures Corporation, Citic Bank and DeHeng Law Offices to launch a personal investment fund which lets customers crow-invest in television shows and films, Techweb has reported.
The Baifa Youxi fund promises 8% interest rates and promises returns as high as 16%, which are linked to box office performance. Customers can invest in the fund with as little as RMB 10 ($1.63).
The fund’s first movie, titled Golden Age, has surpassed its funding goal, whilst a Chinese version of ‘Gone with the Wind’ has raised over $29m through the fund.
This fund follows a similar move by consumer giant Alibaba, which launched a crowd-funding service called Yue Le Bao earlier in the year.