Los Angeles entertainment company Ikonic Entertainment Group will design and co-develop a theme park in China along with a Chinese investment group.

Mayor Villaraigosa made the announcement Tuesday while in Beijing to promote Chinese investment in Los Angeles creative industries.

Ikonic, co-founded by theme park veteran Tony Christopher, will provide planning, design and construction services for a Kung Fu-themed park in the country’s northwest Hubei province. The company also will partner with Chinese investment group Taichi Lake Group to create a martial arts show that will tour internationally.

A statement released by the Mayor’s office estimated that the theme park and traveling show will cost some $300 million to create, generating tens of millions in revenue for Ikonic and several hundred jobs in Los Angeles over the next three years.

“This new agreement will help create jobs and industry in our city by strengthening relationships with our partners in China,” said Villaraigosa in the statement. “The two partnerships formed today will bring out the best of both cultures while generating economic prosperity for Los Angeles and China.”

Beijing is the first stop in a 10-day trip through Asia that will include stops in Shanghai, Tokyo and Seoul. During the trip, he’s meeting with business leaders and promoting tourism to Los Angeles. Accompanying him are local businessmen, including Do Won “Don” Chang, the billionaire chief executive of Los Angeles apparel chain Forever 21 Inc.