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LG may sell its head office in China
Business
- 07 February, 2020
- 13:48
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South Korean Corporation LG Electronics plans the asset sale, aimed at securing liquidity amid “global economic uncertainties and funding its future growth engines.”
Report says, citing the Yonhap Agency, that the company may sell its Chinese headquarters buildings for 669 billion won (US$562 million).
As the company confirmed, the LG Beijing Twin Towers, consisting of two 31-story buildings, will be sold to RECO Changan Private Ltd., a subsidiary of the government of Singapore Investment Corp.
The LG Beijing Twin Towers complex was built in 2005 and cost LG Electronics $ 400 million.
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