Spider-Man director Sam Raimi and German filmmaker Florian Henckel von Donnersmarck have partnered with Jackie Chan's Sparkle Roll Media to create a joint venture film company in China called Allegory Films.
The venture was announced at a signing ceremony Tuesday at the Beijing International Film Festival.
According to a statement released in Chinese by the two partners, Allegory Films will produce two films a year.
Chinese conglomerate Cultural Investment Holdings, which is the Shanghai Stock Exchange-listed parent company of Chan's Sparkle Roll Media, is investing $150 million in the venture in exchange for a 60 percent stake, while R&D LLC, a company held by Raimi and von Donnersmarck, will invest $100,000 and take a 40 percent stake.
Von Donnersmarck is best known for writing and directing the 2006 Oscar-winning film The Lives of Others and 2010's The Tourist, starring Angelina Jolie and Johnny Depp.
Allegory Films' pictures will be distributed in China by Cultural Investment Holdings, while international distribution will be handled by a Hollywood company, the partners said.