The Weinstein Company announced today production of Crouching Tiger Hidden Dragon II - The Green Destiny will begin in March 2014 in Asia. Woo-ping Yuen 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 Du Lu Wang, 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: Stallion of the Cimarron) 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.

RELATED: Crouching Tiger, Hidden Dragon Director Remembers Struggle to Turn B-Movie Into an Oscar Winner

Here's what producer Harvey Weinstein had to say about the sequel, and director Ang Lee's original film.

I loved Ang Lee's film. I thought it was a master class in directing, but I know we are in fantastic hands with Woo-ping Yuen directing the second installment of Crouching Tiger. Master Yuen worked with me on Iron Monkey, Kill Bill and now The 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."

Hong Wang, son of late author Du Lu Wang, offered his own statement.

"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 Woo-ping Yuen will be participating in a press conference on Saturday in Cannes to discuss further details of the production.