UPDATE 1-IMAX opens another theater in China in Asia push

Wed Apr 21, 2010 12:20pm EDT

* Theater scheduled to open late June

* Located in Hangzhou, capital of Zhejiang province

* IMAX already has 26 theaters in China

VANCOUVER, April 21 (Reuters) - IMAX Corp (IMX.TO) IMAX.O said on Wednesday it has signed an agreement to open a new theater in China, another building block in the giant-screen movie operator's drive into Asia.

IMAX said the theater, to be installed in a new 16-screen multiplex in the city of Hangzhou, the capital of Zhejiang province, is scheduled to open in late June.

The agreement was signed with Zhejiang Xinyuan Cultural Industry Group, a government-run business.

The Canadian company already has 26 theaters in China and is targeting 50 by 2012. In December, Imax said it was in talks with at least five film companies in China.

IMAX has been enjoying strong gross box office sales this year fueled by the massive popularity of sci-fi blockbuster "Avatar". (Reporting by Nicole Mordant; editing by Peter Galloway)