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Paramount smooths dispute with Chinese company over 'Transformer' sponsorship deal

China Transformers-1.jpg

In this Saturday, Aug. 2, 2008 file photo, an aerial photo reviewed by the Chinese military, the dragon-shaped Pangu Plaza, foreground builds in front of the National Aquatics Center, known as the Water Cube, center, and the National Stadium, known as the Bird's Nest, at rear, in Beijing, China. A Beijing property developer said Saturday it has terminated cooperation with the new “Transformers” movie, wants Paramount Pictures to make edits to it and is asking China to suspend screenings of the blockbuster film. The company owns the Pangu Plaza, a dragon-shaped hotel, office and mall complex that stretches the length of half a dozen football fields and is featured in “Transformers: Age of Extinction,” the latest installment of the hit franchise. (AP Photo/Greg Baker, File) (The Associated Press)

A Beijing property developer says it has resolved a dispute with Paramount Pictures over the new "Transformer" movie, just days after it demanded edits to remove any reference to the property.

The Beijing Pangu Investment Co. Ltd. said in a statement Monday that the two sides "have gained mutual trust and reached understanding" after friendly negotiations, although it did not provide details.

The official Xinhua News Agency says a Paramount official has announced the film will be released for mainland China on Friday, as scheduled.

The Beijing company, which owns the commercial complex Pangu Plaza, announced last week that it had filed a lawsuit with allegations that Paramount and two of its Chinese associates failed to fulfill their obligations in a sponsorship deal.