Return of the Demon (1987)

Three treasure hunters inadvertently awaken a sleeping demon in a Chinese village, who then goes on a rampage aiming to obtain the souls of 49 people born in the "Hoi" times in order to ensure his immortality. However, a Taoist priest master and his disciple attempt to subdue the monster before he succeeds in his evil deed. Meanwhile, while on their mission, the crew get themselves caught in a tug-a-war between the village's bumbling police chief.