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S.Korea Lotte to build $1 bln complex in China

Fri May 9, 2008 4:35am EDT

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SEOUL, May 9 (Reuters) - South Korea's Lotte Group, which owns department store operator Lotte Shopping Co (023530.KS), said on Friday it would build a large-scale commercial and residential complex in northeastern China worth around $1 billion.

China

Lotte Group said it had obtained the right to use land in the city of Shenyang in Liaoning province and would build a shopping mall, small theme park, hotel and apartments.

The project, led by Lotte Shopping and Lotte Engineering & Construction, is Lotte's first overseas venture into a combined commercial and residential complex, Lotte Group said in a statement.

Lotte added the deal would speed up its move into the world's fastest-growing economy.

(Reporting by Park Ju-min, Editing by Marie-France Han and Ken Wills)

China


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