] China’s investment management company Gold Finance's South Korean branch has signed an agreement to take over 27.56 percent controlling stake in Fantagio Entertainment from its largest stakeholder Savoy E&M for 30 billion won (US$26.62 billion), according to news reports on Oct. 12.
Fantagio is one of the largest entertainment agencies whose artists include Ju Jin-mo and Seo Kang-jun, and until yesterday, Ha Jung-woo.
The Chinese civil wealth management company was established in 2008 in Hangzhou and manages funds estimated to be worth 30 trillion won. Its core business is urban infrastructure and this acquisition is closely related to the plan to develop Zhangjiajie, a well-known tourist destination, into a city of culture with a strength in hallyu.
Although China has invested close to 2 trillion won in South Korean entertainment business since 2014, according to data released by the Culture Ministry, taking over management rights have been rare.
By Hwang You-mee (email@example.com