[photopress:hotel_Lotte_hotel_1.jpg,full,alignright]South Korea’s Lotte Group, which owns department store operator Lotte Shopping, is to build a large-scale commercial and residential complex in northeastern China worth around $1 billion.
Lotte Group said it had obtained the right to use land in the city of Shenyang in Liaoning province and would build a shopping mall, small theme park, hotel and apartments. Note that the hotel in our illustration is in Korea. The one for Shenyang is still with the architects.
The project, led by Lotte Shopping and Lotte Engineering & Construction, is Lotte’s first overseas venture into a combined commercial and residential complex.
Worth knowing that the Lotte group was founded in June 1948 in Tokyo, Japan by a Korean businessman, Shin Kyuk-Ho, also known by his Japanese name, Takeo Shigemitsu. It started off selling chewing gum.
The source of the company’s name is neither Japanese nor Korean, but German. Shin was impressed with Johann Wolfgang von Goethe’s The Sorrows of Young Werther (1774) and named his newly-founded company Lotte after the character Charlotte in the novel.
Source: Reuters and research.