Financial News

  • 27 May 2014, 12:37

PlayStations To Be Sold In China For First Time

PlayStation consoles and games will be made and sold in China after the country dropped a long-standing ban on video game consoles.

State-owned Shanghai Oriental Pearl has signed a deal with Japanese electronics firm Sony, according to a filing made on Monday with the Shanghai stock exchange.

Under the deal, both organisations will set up two joint venture companies in Shanghai's free-trade zone.

Sony will have a 49% stake in one company and a 70% share of the other.

Authorities in China ended the ban on video game consoles in January after 14 years.

The move was among a series of looser investment controls promised when Shanghai brought in its free-trade zone in September.

In April, Microsoft said it would be partnering with BesTV New Media to sell Xbox One consoles in China.

In the same month, Sony announced it had sold seven million PS4 consoles worldwide since its launch at the end of 2013.

But earlier this week, the Japanese company revealed that strong PlayStation and smartphone sales had not prevented it recording a $1.26bn (750m) loss for the financial year.

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