Veteran U.S. producer, Tom DeSanto (“Transformers,” “X-Men”) has struck a deal to make Hollywood-China co-production films costing $120 million with CITIC Guoan, one of China’s largest state-owned enterprises.

“We are joining hands with Hollywood legend Tom DeSanto to jointly create a series of movies incorporating Chinese culture for the global audience,” the company said in a statement at the end of the Beijing International Film Festival. “We hope that Chinese movies can appear on the global film stage to let more movie-goers appreciate Chinese culture’s long history and charm.”

CITIC Guoan previously committed to partially finance former Disney boss Dick Cook in the development of his U.S.- and Chinese-based enterprise Dick Cook Studios.

CITIC Guoan recently completed the development of Xinqiao VFX City in Beijing. The 30,000 sq m facility for film and television special effects. It is also developing the CITIC Guoan Production Base at a vast site 80km South East of Beijing.

The “Transformers” movies are among the most successful films ever released in China. “Transformers: Age of Extinction” was partially financed and filmed in China.