Hollywood loves investment, but there's less of it coming from China than had once been in the pipeline. Billions of dollars once flowed from China, with even more promised. But tightened restrictions on overseas investment, as well as changes in the business climate in entertainment, have seen many deals fall apart. CGTN's Phil Lavelle reports from Hollywood.

Is Hollywood for sale? It has been. And China's definitely been spending big here.

Financing up to 35 percent of some recent film budgets, according to research by the Los Angeles Times. But as with every Hollywood blockbuster? There's a twist here?There's always a twist.

PHIL LAVELLE HOLLYWOOD "The fact is that a ton of Chinese money - or at least the promise of it - has been pouring into this place over the last few years. From $2 million in 2013. Up to nearly $4.8 BILLION three years later. And down again to just shy of $490 million around this time last year. And now, in many cases, the cash- or the promise of it - just simply disappeared."

PHIL LAVELLE HOLLYWOOD "What on earth has gone wrong?"

MATT PRESSBERG ENTERTAINMENT REPORTER "Well, there's been a couple of reasons. There's been a regulatory crackdown in China that's really put the clamps on cross border investments, particularly in entertainment and there's also been economic reasons. There's been some changes in the Chinese box office and there's been some impacts in terms of major studio owners here in Hollywood that have gone through financial challenges of their own."

Big losses - the likes of Millennium Films. China's Recon Holdings was set to buy a $100 million controlling stake in the company last year. But that deal was dropped. Dalian Wanda scrapped plans to acquire Dick Clark Productions for one billion dollars? As well as integrate Legendary Entertainment into its own film company. And another big loser?

PHIL LAVELLE HOLLYWOOD "Paramount Pictures - one of the most famous movie studios in the world. Set to get $1billion from China's Huahua media. That would have covered 25 percent of its film slate. And then, almost overnight, the deal was scrapped."

KATHRYN ARNOLD ENTERTAINMENT INDUSTRY EXPERT "Hollywood had big deals and were relying on the Chinese money quite a bit." 

This is a place that thrives on drama. It manufactures plenty of it. Now it's the story here. And the question on executives' minds.

PHIL LAVELLE HOLLYWOOD "So what happens now? Hollywood doesn't get this money from China. Where does it turn to?"

KATHRYN ARNOLD ENTERTAINMENT INDUSTRY EXPERT "If they're not going to get the money from China or the foreign markets, they're going to have to look at the digital companies who are looking for more and more content, for gaming, for mobile, for over-the-top boxes, there's always a need for content with these new media suppliers and they are going to have to make deals with the studios. Whether that's for long form and/or short form programming."

Hollywood's story, taking on a new direction. It's happy ending - as elusive as ever. Phil Lavelle, CGTN, Hollywood.