SEOUL, Nov. 3 (Korea Bizwire) — Lotte Group said Friday it has recently obtained approval from the Chinese authorities for the construction of a commercial complex in Chengdu.
The move can be a sign that South Korean companies may be able to engage in normal business operations following months of frosty relations caused by Seoul’s decision to deploy a U.S. missile defense system on its soil. Beijing has opposed the move as hurting its national security and took measures to penalize South Korean businesses operating in the country.
Lotte, in particular, was hard hit after it provided the land for the Terminal High Altitude Area Defense system.
The 1 trillion won (US$896 million) commercial complex project had effectively been suspended for more than six months.
Many Korean firms that were heavily invested in China suffered sharp declines in sales since the middle of March, but the understanding reached earlier in the week between Seoul and Beijing to normalize relations may lead to overall improvements going forward.