Lotte gets nod to proceed with Chengdu project

SEOUL: Lotte Corp said yesterday a property development in China had received approval from local authorities to start the second phase of construction, the latest sign that tension between Beijing and Seoul is easing.

The announcement comes one week after an unexpected detente between the two countries, which have been at odds over the deployment of a United States anti-missile system in South Korea — a dispute that has battered South Korean businesses that rely on Chinese consumers.

A Lotte spokesman said the approval to build commercial complexes at its 66,000 square metre Chengdu land project, worth some one trillion won (RM3.79 billion), came on October 31. Reuters