Beijing time on the morning of February 10, according tomedia reports, LG Group said it has decided to sell two headquarters buildings in China for about 1.37 trillion won (about $1.15 billion). LG Gemini Tower, located in Beijing, is two 31-story buildings that will be sold to RECO Changan Private Ltd, a wholly owned subsidiary of The Singapore Government Investment Corporation, the company said. “。
Separately,media recently reported that three LG companies – LG Electronics, LG Chem and LG International – will sell their stakes in LG Holdings in Hong Kong, which is the owner of the Gemini Building.
LG said the sale was intended to ensure liquidity and fund the company’s future growth amid global economic uncertainty. The company also said the deal would be completed by April at the latest.
LG spent $400 million to build the two headquarters buildings in Beijing’s Chaoyang District in 2005. (Mul)