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在线翻译:
szdaily -> Business
Lotte wins nod for Chengdu property project
    2017-November-7  08:53    Shenzhen Daily

LOTTE Corp. said yesterday that their major property development project in China had received approval from local authorities to start a second phase of construction.

A Lotte spokesman said the approval to build commercial complexes at its 66,000-square-meter Chengdu land project, worth some 1 trillion won (US$89.9 billion), came Oct. 31 — the same day that South Korea and China announced they had agreed to mend ties.

“Investors are hoping that from 2017 earnings will improve drastically as relations between South Korea and China get better and Chengdu is one piece of news that is adding to that,” said Joo Young-hun, analyst at Eugene Investment and Securities.

But construction at Lotte’s Shenyang project, which covers 1.45 million square meters, remains suspended, said the spokesman for Lotte Corp., the conglomerate’s holding company.

Construction has been halted since a December inspection for fire hazards. Lotte plans to build apartments and a theme park at the Shenyang project, in addition to a department store and a movie theater that are already open.

Lotte’s retail outlets have been stunted by the tension with most of its hypermarkets and supermarkets in China shut down. The group said last month that it aimed to sell its Lotte Mart stores in China by the end of this year for only a fraction of what it invested.

(SD-Agencies)

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