Hong Kong director John Woo has named his next project. The FACE/ OFF helmer will direct 1949, a film described as a  big budget romancer will start shooting just as soon as he finishes up work on his epic RED CLIFF.

The $40 million movie will be produced by Woo and long term collaborator Terrence Chang.

Variety says that 1949 based on true events at the end of WWII and the final years of the Chinese Civil War. The film will star Chang Chen and Korea's Song Hye-kyo. The film's screenplay is by "Lust Caution" and "Crouching Tiger, Hidden Dragon" scripter Wang Hui-ling.

Shooting will begin in December in China and Taiwan with the movie's theatrical release scheduled for December 2009 and the 60th anniversary of the founding of the People's Republic of China.