Construction of Lotte Town in Shenyang may resumeLotte Group’s giant construction project in Shenyang, China, could resume this month after a year of suspension as China pulls back on its retribution over a U.S. antimissile defense system being deployed in Korea, corporate sources said Thursday.
Ambassador Noh Young-min, Korea’s new envoy to Beijing, who began his term in early October, is due to travel to Shenyang next week, a visit the sources say is intended to untangle the restrictions holding up the project. Noh is expected to tour the construction site and meet with top-level officials of the regional government, according to the sources.
Lotte had landed aggressively in China, opening department stores and supermarket chains in major cities. Lotte Town in Shenyang was initiated in 2008 to put a shopping mall, hotel, theater and apartments all in one place. The complex was also to have included Lotte World, the conglomerate’s signature amusement park, Lotte’s first in China.
More in Industry
From Europe with love
SK Holdings creates hydrogen investment business unit
'Netflix law' to go into effect from Dec. 10
LG Energy Solution launches, aims for ￦30 trillion sales by 2024