WUHAN - Lotte Group, a Fortune 500 company from the Republic of Korea, is considering spending about 10 billion yuan ($1.5 billion) to build a business center in Central China's Hubei province.
A team of high-profile managers, led by Lotte chairman Shin Dong Bin, visited the provincial capital of Wuhan over the last few days, sources with the Wuhan municipal government said Tuesday.
The group hoped to familiarize themselves with the city's land use and distribution network in relation to the company's potential investment, according to the sources.
"I am confident in investing in Wuhan," Shin Dong Bin said after the visit.
Wuhan mayor Tang Liangzhi said the government will provide great service to Lotte and other potential investors.
Tang said he hopes Lotte might also invest in the city's manufacturing sector.
In October of last year, Lotte signed a letter of intent with the Wuhan municipal government to build a business center that will house hotels, shopping malls, theme parks, office buildings, apartments and movie theaters.
The ROK-based company is engaged in many industries, such as tourism, construction, publishing, candy manufacturing and fast food.
Lotte has more than 170 global branches and owns 82 supermarkets in China.