Rakuten buys 49% shares of China-trade union million in 83.8 million dollars

The Lotte department Store (Lotte Shopping Co.) has agreed to take control of China Mini-advertisements Association Makro commercial to strengthen its fast-growing retail sector in the country.　　The South Korean retailer, which buys a 49% per cent of the Chinese hypermarket operator with a 78 billion won (83.8 million US dollars), will need to be approved by the Chinese government. Rakuten plans to open its flagship Rakuten store in China in the first half of 2008.　　The company has set up a holding company in China, specializing in food and confectionery business. Rakuten is South Korea's highest sales department store operator with a market share of more than 40%.　　The Sino-Trade joint venture is operated by SHV Holdings, a subsidiary of the Netherlands in Switzerland, and the Sino-Trade union Real Estate Co., Ltd. (China Mini-advertisements Association), which has five and two stores in Beijing and Tianjin respectively. Rakuten said it was committed to expanding its network of China-trade union million, seeking opportunities for other mergers and acquisitions in the country, and expressed interest in increasing its stake in the company in the future.　　SHV will sell all of its shares and franchise to Lotte Department.　　The company plans to open its eighth store in Beijing in early 2008. Rakuten plans to change the Chinese company's brand to Lotte Mart after the acquisition is complete.