Lion Rock Productions, the studio owned by Terence Chang and John Woo, is set to produce the $30 million budgeted 3D fantasy epic Legend of the Magic Bell.

The project is based on a Chinese classic, telling the story of a warrior who falls in love with a beautiful demonness but is forced to transform her into stone in order to save humanity. Their paths cross once again after 5000 years when the warrior has been reincarnated as a demon hunter.

Guo Zheng is currently scripting the project, which will be directed by Korean TV director Kim Jonghak. It is scheduled to start shooting early next year for release in 2011.