China ends Lotte sanctions
Lotte sanctions imposed by the Chinaese government two years ago have now been lfited.
Authorities in Shenyang have allowed South Korea’s Lotte Group to resume work on a US$2.6 billion retail and leisure development in the region following the lifting of sanctions against the firm by the Chinese government last month.
The Lotte sanctions were imposed two years ago after the group yielded land to a US anti-missile defence system.
Shenyang, a capital city in China’s Northeast, has now permitted the resumption of work on the Lotte Town development, although Lotte has not yet formally indicated whether or not it intends to restart construction, which has been on hold while the sanctions have been in place.
The first phase of the project was completed in 2014, while the theme park, flats and hotel planned for the site remain unfinished following Lotte’s sale of land in Seongju county to the South Korean government to allow deployment of the US Terminal High Altitude Area Defence system.
The Lotte sanctions prompted the South Korean company to announce its withdrawal from Mainland China last year, although it now insists that no final decision has been made.