S.M. Entertainment Expands Into China
It’s quite a strategic move.
S.M. Entertainment has completed a strategic investment deal with Chinese state firm Shaanxi Huashan Tourism Group to develop a concert venue inside Huashan Scenic Area, located in Shaanxi Province, northwest China. The plan includes the future development of the surrounding regions. According to The Korea Times, the official signing ceremeny was held formally at Crowne Plaza Xi’an on Friday.
Under the deal, the two companies will join hands to develop plans, to build and operate strategic cultural and commercial facilities in the popular tourist district. For S.M., it will focus on planning for K-pop hologram contents and other cultural facilities, while the Chinese state firm will be responsible for construction and domestic marketing.
According to Yonhap News Agency, S.M. reportedly said, “This project is quite significant, as South Korea and China are greatly expanding their tourism and cultural exchanges.” The source further added, “The goal is for the two companies to continuously develop a wide range of cultural content and grow (Huashan Scenic Area) into a world-famous tourist attraction.”