China's Citic Guoan Partners With 'Transformers' Producer Tom DeSanto on $120M Co-Production

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"We hope that Chinese movies can appear on the global film stage," the Chinese investment company said in a statement.

Chinese investment company Citic Guoan Group will invest $120 million in a large-scale U.S.-China co-production from producer Tom DeSanto.

The partnership was announced by Citic's vice general manager Cui Minghong at the conclusion of the Beijing International Film Festival. DeSanto, who is best known for his work co-writing and producing the first films in the Transformers and X-Men franchises, had been linked to Citic Guoan, a division of the state-owned Chinese conglomerate Citic Group, for over a year. Further details of the planned co-production were not disclosed.

"We are joining hands with Hollywood legend Tom DeSanto to jointly create a series of movies incorporating Chinese culture for the global audience," Citic Guoan said in a statement. "We hope that Chinese movies can appear on the global film stage to let more moviegoers appreciate Chinese culture's long history and charm."

In 2015, Citic Guoan pledged $150 million to Dick Cook Productions, a startup film and TV studio established by former Walt Disney Studios chairman Dick Cook. The partners co-hosted a large-scale U.S.-China film industry summit on the outskirts of Beijing in March 2015; the event featured keynote talks from Chinese industry veterans and Oscar-winning directors Paul Haggis and Alfonso Cuaron. The investment group is also said to be building a film and television production base at its sprawling Grand Epoch City hotel and resort complex on the outskirts of Beijing.