South Korean star agency Yedang Entertainment on Wednesday said it will launch a joint venture company with the son of a Chinese properties magnate. 

Yedang Entertainment, a small label that signed K-pop girl group EXID, has recently changed its corporate name to "Banana Culture," calling the move a first step towards launching a joint venture company in Seoul with Chinese media group Banana Project.

The Chinese media firm's chief, Wang Sicong, is the son of Wanda Group chairman Wang Jianlin, according to the South Korean agency. Banana Project has Panda TV and other media businesses under its belt. 

Once the Korea-China joint firm launches, it will focus on both local and overseas activities of its talent, according to Banana Culture's chief executive Yoo Jae-woong. 

"Our goal is to foster a prolific environment for diverse content, before our entrance to the Chinese market," he said in a press release. (Yonhap)