Hong Kong filmmaker Peter Ho-sun Chan has started shooting his next directorial project following Wu Xia, a drama entitled American Dreams In China.

The film, about three friends who establish a multi-billion dollar business together, started shooting in early July in Beijing and Tianjin. Chan’s We Pictures and China Film Group are producing.

Chan is working with some of his frequent collaborators including DoP Christopher Doyle (Perhaps Love), production designer Sun Li (Wu Xia) and costume designer Dora Ng (Wu Xia).

The film is described as a tale of friendship, loyalty and betrayal, following three university graduates who build a multi-billion dollar tutorial empire. Their rise and fall plays out against the backdrop of historical events in China spanning three decades from the beginning of economic reforms to the present day.

We Pictures didn’t announce the cast of the film, but local press report that it’s headed by Huang Xiaoming, Tong Dawei and Deng Chao.

Chan was recently selected as one of the jury members for the upcoming Venice Film Festival, where Perhaps Love screened as the closing film seven years ago. His upcoming films as producer include Andrew Lau’s The Guillotines and Aubrey Lam’s romantic drama The Truth Of Beauty.