HONG KONG (AP) — Paramount Pictures says it has inked a co-financing deal with two Chinese companies for the Hollywood studio's slate of movies over the next three years.

In a statement released Friday, Paramount said that under the terms of the deal Shanghai Film Group and Huahua Media will also set up an office on its studio lot later this year.

The Chinese companies will provide roughly $1 billion to finance at least 25 percent of Paramount's films, according to a person familiar with the deal who was not allowed to speak publicly.

Film industry publications cited the same figures.

Paramount is planning to produce 15 to 17 films in 2017.

It's the latest China-Hollywood tie-up, as both sides aim to beef up their presence in each other's movie industries.