(Yicai Global) Feb. 28 -- South Korea's Lotte Group is set to transfer its Seongju County golf course to the defense ministry for the deployment of the country's Terminal High Altitude Area Defense (THAAD) defense system. China's foreign ministry spokesman Geng Shuang reiterated China's opposition to the program.
"I'd like to stress once again that China firmly opposes the deployment of THAAD in South Korea, and we'll take necessary action to safeguard our own security," Geng said at a Ministry of Foreign Affairs press briefing yesterday. "The US and South Korea will bear the consequences of the matter."
At a board meeting yesterday, Lotte decided to hand over its golf course in Seongju County in the eastern province of North Gyeongsang to South Korea's Ministry of Defense for the anti-missile system, Yonhap News Agency reported. If both parties sign the deal, the project could be finished within seven months. Lotte Group is one of South Korea's five largest conglomerates. It entered the Chinese market in 1994 and has businesses in most provinces.
The Chinese ministry spokesman went on to say that the anti-missile defense system will gravely harm the regional balance and undermine China's security interests, as well as those of other nearby countries. The move is not conducive to maintaining peace and stability on the Korean Peninsula, he added.
Unfortunately, South Korea is ignoring the mutual interests it shares with China and insists on cooperating with America to advance the defense project, Geng continued.