The Hollywood Reporter notes that a collective run by Chinese mogul Robin Li will be funding Aquamen Entertainment, a new film production venture based out of Los Angeles to be run by Korean filmmaker Jeongjung Kim and Chinese producer Gary Zhang. The production company’s first feature film will be Kong, which (despite the title suggesting a link to King Kong) is actually another adaptation of the famous Monkey King/Journey to the West story, although it will also incorporate aliens, robots, and other science fiction elements. The film currently has a $40 million budget, and Aquamen plans to announce a Hollywood director at the Cannes Film Festival in May. The feature is the latest attempt to jump-start the Chinese animated feature film industry, which has met moderate successes at the Chinese domestic box office but still suffers in comparison to the success of imported animated films.
China's Mill Pictures Worldwide Opens Los Angeles Office; Begins Pre-Production on "Ping Pong Rabbit"