China's Zonbo Media has signed a contract with Singapore's Homerun Asia to make a $15 million remake of the French literary classic Dangerous Liaisons.

It is the most expensive picture co-produced by the two countries since they established diplomatic relations 21 years ago.

"The collaboration aims to create new Asian movies for a worldwide audience," says Chen Weiming, founder and chairman of Zonbo Media, one of the major distributors of Chinese blockbusters, such as Zhang Yimou's Hero and Chen Kaige's The Promise.