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LG Electronics to sell its Chinese headquarters buildings for 669 bln won

All News 17:47 February 07, 2020

SEOUL, Feb. 7 (Yonhap) -- LG Electronics Inc., a major South Korean tech firm, said Friday it has decided to sell its Chinese headquarters buildings for 669 billion won (US$562 million).

The LG Beijing Twin Towers, comprised of two 31-story buildings, will be sold to RECO Changan Private Ltd., a subsidiary of Government of Singapore Investment Corp., according to LG Electronics.

LG said the asset sale is aimed at securing liquidity amid global economic uncertainties and funding its future growth engines. The company added the deal will be completed no later than April.

LG spent $400 million to build the towers, located in the Chaoyang district of the Chinese capital city, in 2005.

This file photo taken on Aug. 7, 2019, shows the LG Beijing Twin Towers in Beijing. (Yonhap)

kdon@yna.co.kr
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