The Grandmasters press release via the American Film Market:
Cast：Tony, Chiu-wai LEUNG, Zi-yi ZHANG, Chen CHANG, Hye-kyo SONG, Ben-shan ZHAO, Xing-chang WANG
Director：Kar-wai WONG
Producers：Kar-wai WONG, Jacky PANG
Synopsis:
With martial arts getting more popular in the Thirties, more people seek to learn them via the professionals at Foshan in Southern China. Some of the experienced masters like to challenge their counterparts and undergoing battles. To have their whole concentration, it is their practice to lock up the venues and no one is allowed to leave during battles. No food and no rest before reaching any results.
Ip Man is a young rich man extremely talented in martial arts, but he chooses to keep a low profile. Yet this doesn’t keep him out of these troubles ahead. One day he is trapped in this battleground so he has to use every means in order to get out of there. The masters are amazed by his abilities. Master Kung and his daughter Kung Yi are amongst, and the latter is attracted to this newcomer.
A high warlord is assassinated by his own guard Yi Xian Tian. All masters in Foshan vow to take Tian down no matter what….
http://www.thefilmcatalogue.com/catalog/FilmDetail.php?id=10435
http://www.heyuguys.co.uk/2010/11/02/casting-news-first-images-and-a-plot-synopsis-for-wong-kar-wai%E2%80%99s-the-grandmasters/
Official Facebook page: http://www.facebook.com/pages/The-Grandmasters/
If this synopsis is accurate then it sounds like the plot is fictitious rather than based on fact.