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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Sangjin] Lotte Shopping announced on the 25th that it will participate in a capital increase for its Chinese subsidiary, Chengdu HK Limited, by acquiring approximately 313.2 million shares for about 435.4 billion won.
Following the acquisition, Lotte Shopping will hold a 77.6% stake in Chengdu HK. The stock acquisition is scheduled to be completed by March 3 next year.
Chengdu HK was established in 2009 for the development of residential and commercial facilities in the Banxiegang area of Chengdu, China. The subsidiary bought approximately 22,000 square meters of land in Chengdu in 2012 and constructed apartments.
After completing the apartment sales in 2016, Chengdu HK began constructing commercial facilities, including a shopping mall, hotel, and office spaces. However, construction was halted following the THAAD deployment incident that same year. Subsequent construction efforts were repeatedly halted, and the COVID-19 pandemic further stalled the development.
Lotte Shopping has been pushing to withdraw from its Chinese operations following the THAAD incident and has been working on the sale of Chengdu HK since 2022.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
