Sony is the next console manufacturer to seek untapped fortunes in China, with agreements in place to bring its PlayStation products to the country. The company is setting up joint ventures with the Shanghai Oriental Pearl Group, one to produce hardware and the other software. Sony Computer Entertainment told Reuters the business details are being formulated, so we can expect more details to be announced at a later time.

One joint venture will have registered capital of 43.8 million yuan (around $7 million), with the ownership split 70/30 between Sony and Shanghai Oriental Pearl. The other will have registered capital of 10 million yuan ($1.6 million), with Shanghai Oriental Peal owning 51 percent to Sony's 49.

Sony follows Microsoft as another platform holder to enter the Chinese market, after the country lifted its 14-year-ban on consoles this year. Like Microsoft, Sony is complying with rules that demand foreign companies work with local businesses to make systems in the Shanghai Free Trade Zone.

It's presumed Sony plans to release the PS4 in the country, with Microsoft's Xbox One due to launch in September. Meanwhile, Nintendo said it plans to launch "new hardware" in emerging markets like China starting next year.
[Image: Sony]

This article was originally published on Joystiq.