How to encode Panasonic HDC-TM700 footage for Final Cut Pro?

How may I encode Panasonic HDC-TM700 footage for Final Cut Pro? It is 1080p/ 50 fps (in Europe)....

I have not bought the camera yet so I cannot try. I have heard that the footage is not suppose to be supported that easily since it is 28 MBS "Avchd?" format. However people seem to be able to edit it in Imovie....

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