Private Chinese production company Huayi Brothers has signed a US$4.7bn (€4.25bn, £3bn) deal with Ping An Bank to develop 20 theme parks in China based on film and entertainment, as well as films and internet-based ventures.

Huayi, which has produced such films as Brad Pitt and Shia LeBeouf’s Fury, has said the agreement will focus particularly on developing the company’s “outdoor entertainment” venues, namely theme parks.

China is currently going through a theme park boom, with Disney, Universal and DreamWorks just a few names to be developing multi-million and in some cases multi-billion dollar visitor attractions.

Tourism is changing from traditional concepts to experience tours, so we are confident about the potential for outdoor entertainment tourism,” said Ping An Bank head, Xiao Ping.

Founded in Beijing by brothers Wang Zhongjun and Wang Zhonglei in 1994, Huayi Brothers’ revenue in 2014 reached US$380m (€343.5m, £242.9m), up 19 per cent on the previous year’s figures, while operating profit rose 61 per cent to US$188m (€170m, £120m).