Business
10:17, 27-Apr-2018
Lotte sells retail operators in China to Wumei for $230 million
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Chinese retail company Wumei Holdings looks set to buy one of the six operators of Lotte Mart stores in China owned by South Korea’s Lotte Shopping.
The announcement was made on Thursday by Lotte Shopping which said the deal was worth about 248.5 billion won (230 million US dollars).
Last year, the firm picked Goldman Sachs to manage the sale of its hypermarket and supermarket stores in China, after most of them were shut down amid political tensions between the two countries.
The retailer had aimed for the sale by the end of last year.
The Lotte group was particularly hard hit by its decision to hand over land for the deployment of the controversial US missile defense system known as THAAD despite Chinese opposition.
In October, Seoul and Beijing agreed to move past the dispute.
Lotte Shopping did not elaborate on whether there was progress on the sales of its remaining five Lotte Mart operators in China.
Source(s): Reuters