China's Film Carnival is set to create the first Hollywood movie solely funded by Chinese investors, following its collaboration with Dick Cook Studios.

Zhejiang-based Film Carnival is set to adapt the top-grossing fantasy fiction novel of John Flanagan's Rangers Apprentice. The $120-million project will be produced in partnership with the production studio owned by former Walt Disney boss Dick Cook and will be directed by five-time Oscar nominee Paul Haggis.

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Film Carnival will primarily finance the movie, although Cook has also secured another Chinese investor Citic Guoan, which committed to contribute $150 million.

"They are the perfect partners as they share our vision of telling great stories for the entire family to be enjoyed across the globe," Cook told the Los Angeles Times.

Film Carnival, on the other hand, stressed that even though this is its first movie project, this is definitely not going to be the last, explaining that the agreement "will pave the way for other Chinese investors to have the opportunity to invest in Dick Cook Studios motion pictures on an individual basis."

The Rangers Apprentice, which sold nearly 8.5 million copies in more than 25 countries, is a 12-part series that tell the story of an orphan who joins a battle to keep a kingdom from various threats of attacks. 

TagsDick Cook Studios, Dick Cook, Film Carnival, Ranger's Apprentice, Paul Haggis, John Flanagans