Lotte Considers Selling Theme Park in Shenyang, China... At Least 1.9 Trillion Won
[Asia Economy Reporter Geum Bo-ryeong] Lotte Group is reportedly considering the sale of its theme park project in Shenyang, China.
According to Bloomberg News on the 23rd, Lotte Group is considering selling the 'theme park' project in Shenyang, Liaoning Province, China, for at least $1.6 billion (approximately 1.9008 trillion KRW).
Bloomberg cited anonymous sources familiar with the matter, stating that Lotte has appointed advisors to find investors. The sources mentioned that while the sale is under review, the deal is not guaranteed, as Lotte may choose to maintain the complex as is.
In 2014, Lotte announced plans to open Lotte Department Store in Shenyang and develop 'Lotte Town,' a complex including a theme park, apartments, hotels, and offices nearby. However, construction was halted in December 2016 by Chinese authorities following the deployment of the THAAD (Terminal High Altitude Area Defense) system by the US Forces Korea.
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In April 2019, China granted construction permits, but the project was suspended due to the impact of COVID-19. Meanwhile, the Shenyang Lotte Department Store also closed its doors in April last year.
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