Lotte to sell stores to Wumart for $230m

South Korea's Lotte Shopping said on Thursday that it has agreed to sell 21 Lotte Mart hypermarket and supermarket stores in China to Wumart Stores Inc for around 248.5 billion won ($230.2 million).

Lotte will sell a 87.38 percent stake in Lotte Mart in Beijing to Wumart and keep the remaining shares, according to Lotte Mart China.

Lotte Mart has 110 retail outlets in China. Of them, 99 are hypermarkets and 11 are supermarkets. The 21 outlets involved in the deal with Wumart include 10 hypermarkets and 11 supermarkets.