According to reports in foreign media, South Korea's LG Group recently announced its decision to sell two headquarters buildings in China for KRW1.37 trillion or USD1.15 billion.
The group said that LG's headquarters buildings are 31-floor twin buildings located in Beijing. The buildings will be sold to RECO Changan Private Ltd., a wholly-owned subsidiary of Government of Singapore Investment Corp.
South Korean media revealed that LG Group's three subsidiaries LG Electronics, LG Chemical and LG International will sell their shares of LG Holdings Hong Kong Company which owns the building assets.
LG said that this move aimed to ensure its liquidity in the context of global economic uncertainty and it would provide fund to its future growth engine. The company added that the real estate transaction would be completed no later than April.
In 2005, LG Group invested USD400 million in the construction of its headquarters buildings in Beijing's Chaoyang District.