(Yicai Global) Jan. 2 -- South Korea's largest supermarket chain operator E-Mart Inc. [KRX:139480] reported a loss of KRW21.6 billion (USD20.1 million) in China last year and has nearly finished offloading its Chinese assets, Yonhap News Agency reported.

"The sale of five stores in China has been approved by the Chinese government, and their acquisition by Thailand's Chia Tai Group (Charoen Pokphand Group) has been completed," the Shinsegae Department Co. [KRX:004170] unit said Dec. 29.

E-Mart has conducted business in China for 20 years. In May this year, Chung Yong-Jin, vice chairman of Shinsegae, confirmed E-Mart's plans to withdraw, adding that the company would close its only six stores in China by the end of 2017.

Chia Tai Group bought five of them and the sixth is for sale, E-Mart said.

"E-mart is pulling out its business in China, which could be completely closed by the end of the year," Chung said on Nov. 8.

The number of E-Mart locations in China was approaching 30 at one time, but the group began restructuring its business and closing shops in the country in 2011 after floundering in the market. The company has lost KRW150 billion in China since 2013.

E-Mart's failure to localize its stores and brand pushed it to exist China, analysts said. Tension between China and Korea following the deployment of a US missile defense system in Korea caused E-Mart to worry about facing more setbacks, Yonhap News Agency reported previously.