Lotte Shopping, South Korea’s second-largest retailer, said on Monday it had agreed to buy Times, the Chinese supermarket operator, for up to $630m in a deal that would expand its presence in the world’s fastest-growing major economy.

Lotte has won the auction to buy a 72.3 per cent stake in the Chinese retailer from Kenneth Fang, chairman of Times, for about $450m and will make a tender offer to minority shareholders for the rest of the company.