The sequel is based on the same source material as the original, Wang Du Lu's "The Crane-Iron Pentology." John Fusco penned the new script; Hui-Ling Wang, James Schamus and Kuo Jung Tsai shared writing credits on the original "Crouching Tiger" screenplay.
Deadline reports that it's unclear which actors from the original, if any, will reprise their roles. Chow Yun-Fat, Zhang Ziyi, Michelle Yeoh and Chang Chen toplined. "Crouching Tiger, Hidden Dragon" won four Oscars in 2001: Best Foreign-Language Film, Cinematography, Art Direction and Original Score.
Lee's "Life of Pi" is currently nominated for 11 Oscars, including Best Picture, Director, Cinematography and Visual Effects.