There's indeed a huge gaming market in China, anyone remember this? http://gamrconnect.vgchartz.com/thread.php?id=119482
With Tencent bigger than Nintend, and Shanda bigger than Konam/Namco Bandai/Square Enix, Giant and Perfect World bigger than UBI, Capcom, Take Two, The gaming market in CHina is huge and will only get bigger.
The only Chinese company I know that would venture console gaming is Perfect world co (the parent company of Runic that developed Torchlight).
Majority Chinese (not migrate workers that working in sweatshops) in big cities in China are rich enough for console gaming, as myself being one. Although majority of them only play PC/MMO games.