South Korea's Lotte 'agrees land swap' for US missile system
- South Korean retail giant Lotte agreed Monday to provide land to host a controversial US missile defence system loathed by Beijing, Seoul's defence ministry said.
Food- and retail-focussed Lotte Group, South Korea's fifth-biggest company, has come under growing pressure over the deal from China, a crucial market.
Chinese authorities forced Lotte to suspend a $2.6 billion theme park construction project, and other South Korean businesses have faced tougher regulatory hurdles from Beijing.
But the Lotte board voted to exchange one of its golf courses, in the southern county of Seongju for a parcel of military-owned land near Seoul, the South's defence ministry said.(Excerpt) Read more at: msn.com ...
- Photo credit(s): msn.com