Daniel Wu and Chinese actress Yuan Quan head the cast of the $2.3m (RMB16m) film, which is scripted by Eddie Fong. Polybona will also serve as the mainland China distributor.
'We hope this film can change people's pre-conception that Chinese co-production films are only limited to action films,' said Chiao.
Like A Dream will be a contemporary drama based in Taipei, Shanghai and New York. Wu will portray an overseas Chinese who encounters Yuan Quan at a modern dance event in Shanghai. The film marks Law's first return to Chinese-language filmmaking since Erotique in 1994.
Cinematography of the film will be handled by Sion Michel whose credits include Collateral and Memoirs Of A Geisha; production design will be handled by Chung-Man Hai (Curse Of The Golden Flower, Painted Skin), and the dance choreography will be designed by Taiwan-Australian choreographer Zhang Xiaoxiong.
Shooting will start later this month and the film is scheduled for early 2009 release.