John Woo held a press conference in China on Friday and announced his plans to make Flying Tiger Heroes (that's a Chinese title and may - read will - change for Western audiences), a World War II epic that's all set to be China's most expensive film ever.
With a budget of $100 million, coming partly from Hollywood sources, and a planned Chinese / American cast, the film will focus on the 1st American Volunteer Group of the Chinese Air Force in 1941 and 1942, a group of slightly irregular US pilots who flew against the Japanese invaders from their bases in Yunnan, Southern China, and Burma.
"This is an extremely important production," Woo said at the signing ceremony that marked the start of production. "Currently, basic preparations for shooting work have already been made and in a month we'll confirm the script. This Yunnan-themed film emphasizes China-US friendship and the contributions of the Flying Tigers and the people of Yunnan during the War of Resistance."
The film promises to feature "spectacular" aerial combat scenes and to highlight "the spirit of Yunnan culture" and Sino-American relations.
You may be able to glean further information from this original source, should you read Chinese.