Crouching tiger

There are also Chinese companies embarking on China-themed projects, but with an international cast and English dialogue. Tom DeSanto, producer of The Transformers series, is attached to a Chinese project entitled Gods, set in a mystical China thousands of years ago. The participants are touting it as the next Lord of the Rings, even though the script is still under development.

Hollywood movies imported into China through the quota system represent the cream of the crop in terms of earning power. These are the kind of projects Chinese investors are chasing, but they carry huge risks, especially for those who have never before been involved in such high stakes. As a matter of fact, Zhang Zhao of Le Vision, the participant in The Expendables 3, sees its function as mostly learning how to hitch up with Hollywood's operational side.

In a couple of years, it will be clear who has cracked the global film market with leveraged investment in Hollywood tentpoles and who has lost his pants. Meanwhile, Chinese money is chasing big projects and big stars with star-struck excitement and nouveau riche bravado.

Contact the writer at raymondzhou@chinadaily.com.cn