South Korean retail giant Lotte is to close its Chinese headquarters but will not quit China entirely, SBS reported on March 16.
The HQ was opened in 2012, five years after Lotte entered China. CEO at the time Shin Dong-bin aimed to generate 1 billion yuan of sales by 2018, but in 2017, Lotte Mart posted a 268-billion-won (1.4 billion yuan) loss in China.
