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Business

Hotel Lotte scraps IPO, stung by China's reprisal

Company says duty-free business down 30% since the banning of Chinese tour groups

Lotte Group Chairman and CEO Shin Dong-bin speaks at an event to celebrate the 50th anniversary of the conglomerate's launch in South Korea.(Photo provided by Lotte)

SEOUL -- Hit by China's retaliation for the deployment of a U.S. anti-missile system in South Korea, Hotel Lotte has shelved plans for an up to $4.5 billion listing in Seoul until its duty-free business has recovered.

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