As China's film industry continues to grow and attract investors a new fund has launched in Beijing.

The Tongjiang Fugu Film Fund, worth 1 billion yuan ($161 million), has been co-established by the Shanghai-based Tongjiang Investment Group and the Fugu Motor Corporation.

The fund, which will focus on developing an industry chain, will gather 100 writers, 100 directors and 100 actors to make films. It aims to be among the top 10 movie funds in China.

Zhang Baoguo, chairman of Tongjiang, said that in the past two years China's film industry has been booming. Some movies with small budgets have been very popular and Chinese films have become more international.

Figures from the State Administration of Press, Publication, Radio, Film and Television of the People's Republic of China show that by the end of June, box office takings exceeded 20.3 billion yuan, a year-on-year growth of 48 percent.

"China's middle class lifestyles are gradually changing, people now have more spiritual and cultural pursuits," Zhang said. "Ongoing urbanization also provides new markets, such as second- and third-tier cities. All these factors contribute to a booming film industry".

Yang Dong, CEO of Stars Wealth, a subsidiary company of Tongjiang, and also the financing platform of the fund, said the company has focused on real estate investment before, but they see the film industry as very promising.

Stars Wealth, established last April, has 16 offices in Shanghai and plans to have 150 across the country by 2017. The company has more than 40,000 clients and asset allocation is expected to reach 6 billion yuan this year.