No. of Subsidiaries in China by S. Korean Conglomerates Hits Record High

Write : 2017-10-08 13:44:18 Update : 2017-10-08 13:54:54

No. of Subsidiaries in China by S. Korean Conglomerates Hits Record High

The number of subsidiaries established in China by South Korea’s 30 biggest business groups hit a record high of 735 last year.

However, it’s likely to post a decrease for the first time this year due to the North Korean nuclear crisis and China’s economic retaliation over the deployment of the United States THAAD antimissile system.

According to market researcher Chaebol.com on Sunday, the figure surged from 31 in 2013 to 735 last year, accounting for 22-point-one percent of the total of local subsidiaries established abroad by the firms.

China’s share has fallen from 28-point-four percent in 2011 and is expected to drop to less than 20 percent this year as Lotte Group and Shinsegae plan to pull out of the Chinese market this year and other groups are moving to reduce their business in China.

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