Sam Raimi and Florian von Donnersmarck have launched Allegory Films, a new production company being formed in partnership with Beijing Cultural Investment Holding Ltd. The venture will be co-owned with the Chinese firm, which has committed $150 million in initial capital. The parties also announced that the funding will be complemented by additional financing resources for a total anticipated production volume of about $500M. That will be used to produce and finance films with budgets in the $30M-$80M range, with plans to align with a U.S. studio for worldwide distribution rights to its movies.

CAA, which represents Raimi and von Donnersmarck, brokered the investment deal. Allegory will focus on the pair’s directing projects, as well as identify director-driven projects for the duo to produce. As part of the pact with Beijing Cultural Investment Holding, the helmers will retain full creative and business autonomy in the curation, greenlighting and production of films.

The deal was marked by an official signing ceremony this morning in China.

Said Raimi and von Donnersmarck: “We have spent the last five years dreaming up and planning Allegory Films, a platform where we, and a group of directors we admire, will be able to make films of the highest quality with worldwide appeal under ideal conditions. Thanks to Beijing Cultural Investment, our dream has now become a reality.”

No projects were announced today. Deadline broke the news in January that Raimi was in early talks to direct A Prophet, a remake of the 2010 French film, for Sony and Neal Moritz’s Original Film with a script by Dennis Lehane. He also has World War 3 set up at Warner Bros with BillBlock Media.

Donnersmarck, whose debut feature was the stellar The Lives Of Others in 2006, last helmed 2010’s The Tourist with Johnny Depp and Angelina Jolie.