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(LEAD) LG Group to sell China headquarters buildings for 1.37 tln won

All News 18:47 February 07, 2020

(ATTN: CHANGES slug, headline, lead; UPDATES with more info throughout)

SEOUL, Feb. 7 (Yonhap) -- LG Group said Friday that it has decided to sell its two Chinese headquarters buildings for 1.37 trillion won (US$1.15 billion).

The LG Beijing Twin Towers, two 31-story buildings in Beijing, will be sold to RECO Changan Private Ltd., a subsidiary wholly owned by the Government of Singapore Investment Corp., according to the business group.

Three LG companies -- LG Electronics Inc., LG Chem Inc. and LG International Corp. -- will sell off their stakes in LG Holding Hong Kong, which owns the skyscrapers.

LG said the 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, 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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