The film project was first revealed earlier this year, and via China Film Insider, here is the initial synopsis:
In 1988, a huge meteorite lands on an uninhabited island in the South China Sea.
Chen Qiang and Li Zhiyong investigate but come up empty handed. 29 years later, Chen sends commandos Bill and Lance into a combat mission there to neutralize the villainous Red Falcon Organization, but end up facing a different enemy altogether.
The storylines in the Japanese and English-language versions of the game were different, and the movie seems to be taking elements from both.