The cinema is now named TCL Chinese Theatre. (File photo/Xinhua)
TCL Group, one of China's major electronics companies, announced on Jan. 11 the purchase of the naming rights to the famous Grauman's Chinese Theatre in Hollywood, which will now be called TCL Chinese Theatre for the next 10 years.
TCL reportedly offered US$5 million for the rights.
The cinema is a landmark on Hollywood Boulevard, attracting more than 4 million moviegoers every year, reports the Los Angeles Times, adding that the name change could boost the movie market between the United States and China, which has passed Japan as the largest overseas movie market for the United States.
The name of the distinctive cinema has changed before. It was known as Mann's Chinese Theatre from 1973 to 2002, when its original name was restored.
TCL also hopes to expand in the US home appliances market indirectly from the ensuing increase in brand awareness. The company has already managed to have its products placed into Hollywood blockbusters such as The Avengers and Transformers.
Cash-laden Chinese companies are increasingly stepping up their overseas investments, in contrast to US and European companies strained by financial uncertainty. Internet company Tencent bought the US online game developer Riot Games in 2011 and property company Dalian Wanda Group purchased AMC, the second largest US cinema chain.