While Stephen Chow's Journey to the West: Conquering the Demons, is probably on the way to creating another box office record in the history of Chinese cinema, his hopes for Journey to the West aren't confined to the silver screen.

ChinaVision Media Group Ltd, one of the blockbuster's investors, announced on Tuesday that its wholly owned subsidiary West Gold has entered into an agreement with the city government of Tongxiang in Zhejiang province to cooperate on the establishment of a Journey to the West Film Art Center project.

The government of Tongxiang will make available approximately 70 hectares in Wuzhen for the project. The planned area consists of a parcel of land with an area of 46 hectares, which is for sale, and another parcel of 24 hectares, which is for lease, according to the agreement.