Lee Jin, chairman of the Lottie Group, said the Asian financial crisis has not ended the way it could have.
“The Chinese have not done anything to stop the bubble, they are not going to be a big market for us.
We will have to continue to grow, and that means that we need to keep doing everything we can to protect the businesses,” he told a business audience at the Australian Financial Awards on Friday.
The Chinese market has been hit hard by the economic crisis.
The Lotte group’s share price has lost more than 30 per cent since mid-2014.
The company has lost a total of about $1.7 billion in the first three months of 2017.
Mr Lee said he has “never been as depressed” about the Chinese market, which was already “severely depressed”.
He added that he hoped the Lotto Corporation, which owns Lotte, could help to “reinforce and improve” the company’s market share in China.
“The Lotto Group is already an important player in the Asian markets,” he said.
In a speech to the Australian Investment Corporation on Friday, Lotte chairman Lee Jin said the company will continue to invest heavily in its business in China to support the country’s recovery.
Lotte’s shares were up 2.6 per cent at 3,974 yuan (HK$4.3 million) on the Hong Kong exchange on Friday as investors watched the presentation from Mr Lee.