The film production company responsible for the Hollywood blockbusters "Matrix Reloaded," "Sherlock Holmes," and "Ocean's Eleven" has set up an Asian subsidiary for overseas co-productions and movie distribution.

Village Roadshow Entertainment Group recently established Village Roadshow Entertainment Group Asia (VREG Asia) and publicly announced the subsidiary's partners, mangers and its first co-productions.

As a platform linking the film industries in China and Hollywood, VREG Asia will provide support for project development, investment, filmmaking, filming technologies and overseas distribution.

The company's studio is located in Beijing. Ellen R. Eliasoph, who has 25 years of experience in Asian films, has been appointed chief executive officer.

Chinese actress Zhang Ziyi's new project—a sequel to her 2009 urban romance "Sophie's Revenge"—has been included among VREG Asia's first co-productions. "New York Minute" director Dennie Gordon will direct the film. Other details about the movie have yet to be disclosed.

A film directed by Hong Kong's Stephen Chow based on the renowned Chinese novel "Journey to the West" is also among the company's upcoming projects.

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