SEOUL, Jan. 6 (Korea Bizwire) – South Korean girl group EXID will sign with an agency owned by the son of China’s richest man next week, the group’s management agency said Wednesday.
The five-member group will sign a memorandum of understanding with Banana Project on Monday, Yedang Company said.
Banana Project is owned by Wang Sicong, who is the son of Wang Jianlin. The elder Wang is the chairman of China’s largest real estate developer Dalian Wanda Group.
Under the MOU, Banana Project will manage EXID’s activities in China, although the specifics have yet to be negotiated, the agency said, adding EXID will continue to prioritize its South Korea activities for 2016.
In an announcement on EXID’s online fan community, producer Shinsadong Tiger said the “Up & Down” quintet “has decided to make a fresh start outside of South Korea with the help of a new company.”
He said the company was established on an equal footing with their Chinese counterparts, but refused to elaborate further.’