Celestial Pictures has kick-started its move back into production by signing a deal with filmmaker Teddy Chen (Bodyguards And Assassins) who will direct and produce two features films for the Hong Kong studio.

The first film will be a remake of a classic title from the Celestial-owned Shaw Brothers library. The second will be a modern action film inspired by current events. Both projects, which Chen will produce through his production company Sum-Wood Productions, are currently under development with details to be announced at a later time.

Chen was recently awarded best director at the 29th Hong Kong Film Awards for Bodyguards And Assassins, which won a total of eight prizes at the ceremony, including best picture (see separate story).

Celestial also announced that it has picked up worldwide rights outside China to Sum-Wood’s upcoming movie The Enchanter, to be directed by Derek Kwok (The Pye-Dog, The Moss). The film tells the story of con artist whose life changes when he meets a pathological gambler and his 20-year-old intellectually disabled son.

“Although we are unable to reveal specific details at this time, we are confident that the two projects we are developing with Mr. Chen will capture the attention of global fans of Chinese cinema. Our ongoing feature production will focus on creating new stories for the worldwide audience of Chinese cinema. As part of our slate, we will reinterpret classic Shaw Brothers’ titles to introduce these films to a new generation of filmgoers,” said Celestial CEO Ross Pollack.

Celestial recently hired former Media Asia and Fortune Star executive Peter Poon as vice president, theatrical distribution, and producer Rosa Li as creative executive.