Big Fish & Begonia (previously Big Fish & Chinese Flowering Crabapple) has released trailers and is planning for a July 8th release. This is a co-production between a Chinese (Beijing Enlight Media) and South Korean company (Studio Mir behind The Legend of Korra and The Boondocks) and seems to draw inspiration from various sources as well as Chinese texts. The project is directed by Liang Xuan and Zhang Chun.
More below the cut.
Long trailer here.