It is reported that the Ministry of Land and Resources of Korea will announce the decision on the expiration of land occupation of three private capital stations in September. Including Yongdengpu Lotte Department Store, the 30-year land license period of these enterprises that have settled in private capital stations will expire at the end of 20 17. The South Korean government decided not to extend the deadline and take it back to the state, but it will give relevant enterprises time to adjust.
This is the first time that the land occupation period of related enterprises has expired since the Korean government introduced the private capital station system. The government decided to abide by the relevant laws and regulations and nationalize them, but it gave the relevant enterprises time to make appropriate adjustments. At present, the South Korean government is discussing whether the privately-owned post stations will be owned by the state, or whether the state will take them back and restore them to their original state, or extend the lease time of related enterprises. Considering that related enterprises may suffer losses, the Korean government decided to sign a temporary contract with Lotte.
According to previous reports, if the government policy has not changed, the return of the land to the country after its expiration means that Lotte Mart, Lotte Moore, Yongdengpu Lotte Department Store and Lotte Cinema in Seoul are facing a crisis of closing stores.