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Veteran independent producer Steven Paul has struck a deal to co-produce $50 million China-U.S. action film “High Speed.”

The film will be jointly financed by Paul’s SP International and China’s C2M Media.

C2M will handle the China release and Asian sales, while the North American release will be handled by Sony Pictures, under an output deal recently struck with SPI. In remaining territories SPI will handle international sales.

Sales deals have already been completed with Gulf Films for the Middle East, California Films for Latin America, Pioneer for the Philippines and Surayafilem for Malaysia.

The film is pitched as “an action packed race around the world,” that is intended to be developed as a franchise. Thus far the producers have not disclosed a director. Cast is expected to be a mix of Chinese and European with a significant U.S. star. Paul is producing along with Paolo Lee, Joshua Dong and Mike Hsu of C2M.

Production is set to begin in the fourth quarter of 2015. Worldwide releasing is scheduled for the first quarter of 2017.

C2M Media has co-financed and produced hits including “A Wedding Invitation,” “Girls,” the highest grossing Mainland Chinese film in Taiwan of 2014; and “20 Once Again,” a Chinese-Korean co-production which was a remake of 2014 hit “Miss Granny.”

Paul is currently producing “Ghost In the Shell” with DreamWorks. He was also one of three parties to a deal inked earlier this week in Cannes to expand the Chinese business funding platform Financing City Network into film.