To establish Trinidad S.A., a joint venture real estate development company, he first had to convince the Cubans that real estate was a good idea.

FORBES: The Money Men: Hodson's choices

In 2010, the companies signed a non-binding Memorandum of Understanding in December to establish an exploration joint venture in China signaling that relations had improved.

FORBES: Rio Tinto Gets Deeper Into China With Chinalco JV

On Friday, coinciding with the U.S.-China film deal, DreamWorks Animation announced a joint venture with China Media Capital (CMC) and two other Chinese companies to establish a China-focused family entertainment company, Oriental DreamWorks.

CNN: More Hollywood films set for China