Deadline’s Mike Fleming reported several months back that The Weinstein Company was setting a production start in Asia on a sequel to Crouching Tiger, Hidden Dragon. Here’s the official release that just dropped confirming Crouching Dragon Hidden Tiger II — The Green Destiny and that Yuen Wo Ping, the legendary fight choreographer responsible from the high-wire action work in the original pic, will direct this one. He and sequel writer John Fusco worked together on The Forbidden Kingdom. Here’s the release:

New York, NY (May 16, 2013) – The Weinstein Company (TWC) announced today production of CROUCHING TIGER HIDDEN DRAGON II – THE GREEN DESTINY will begin in March 2014 in Asia. Yuen Wo Ping is set to direct with Donnie Yen starring as Silent Wolf and Michelle Yeoh reprising her role as Yu Shu Lien. The screenplay is based on IRON KNIGHT, SILVER VASE by Wang Du Lu, book 5 in the CRANE-IRON PENTALOGY series, on which the original CROUCHING TIGER, HIDDEN DRAGON was based. The screenplay is written by John Fusco (FORBIDDEN KINGDOM, HIDALGO, SPIRIT) and will be produced by Harvey Weinstein and David Thwaites, co-produced by Johnny Levin with Executive Producer Anthony Wong. Yucaipa Films is co-financing the project.

CROUCHING TIGER, HIDDEN DRAGON, distributed by Sony Pictures, became a surprise international success, grossing $213.5 million. It grossed $128 million in the US becoming the highest grossing foreign language film in American history and has won over 40 awards including the Academy Award for Best Foreign Language Film. The film was also nominated for six other Academy Awards including Best Picture.

“I loved Ang Lee’s film,” commented TWC Co-Chairman Harvey Weinstein. “I thought it was a master class in directing, but I know we are in fantastic hands with Yuen Wo Ping directing the second installment of CROUCHING TIGER. Master Yuen worked with me on IRON MONKEY, KILL BILL and now GRANDMASTER. He is a first-class director and choreographer, and I am thrilled to be teaming up with him once more. With John Fusco’s incredible script and the dream team of Donnie Yen and Michelle Yeoh we are in great shape.”

Noted Wang Hong, son of late author Wang Du Lu: “My sister and I and our families sincerely appreciate that Harvey and TWC stayed committed to bringing my father’s works to the screen for the enjoyment of audiences around the world. My father created timeless characters and stories of universal appeal. They remain no less relevant today. Through great filmmaking, another generation will get to experience them.”

Harvey Weinstein, Donnie Yen and Yuen Wo Ping will be participating in a press conference on Saturday in Cannes to discuss further details of the production.