Disney Iron Man 3 film to be made in China "Adding a local flavor, and working with our new local partner, will enhance the appeal and relevance of our characters in China's fast-growing film marketplace," Rob Steffens, General Manager of Operations and Finance for Marvel Studios, said in a statement. Dan Mintz, head of DMG Entertainment, added that the three-way collaboration marked a "milestone" in global entertainment. "This signifies the first multi-billion dollar franchise to be produced between Hollywood and China," he said. China has become the holy grail for Hollywood film studios eager to cash in on a potentially hugely lucrative market that boasts the fastest growing movie box office in the world. Last year, cinemas in China raked in more than 13 billion yuan ($2 billion), a nearly 30 percent increase from 2010, the state Xinhua news agency has reported. But foreign studios and film distributors face a tough time in the Asian powerhouse, where authorities limit to 20 the number of foreign movies allowed to be screened in China every year. Despite this, Hollywood blockbusters are incredibly popular in China and foreign films took in just under half of box office earnings last year, Xinhua has said, quoting the State Administration of Radio, Film and Television.