Chinese studio boss Bruno Wu has unveiled plans to build a massive production hub, being dubbed Chinawood, in Beitang, Tianjin.

Wu says his Seven Stars Global Entertainment company is partnering with the government of the Binhai New Area of Tianjin to invest 1.27 billion US dollars to finance films and build production facilities in China.

Chinawood's main aim will apparently be to service co-productions between Hollywood and China.

The announcement comes on the on the back of news that Chinese production company DMG will partner with Disney to produce the Hollywood blockbuster "Iron Man 3".

Wu says Chinawood will help the country to produce its own films while providing U.S. investors with a way to work within the tightly controlled Chinese market.

Films that are produced by U.S. companies in China are exempt from import quotas.

The country currently allows only 34 foreign-produced films to be shown annually.

The first part of the "Chinawood" studio is due to open in October.

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