The LG Group recently said it had decided to sell two of its headquarters buildings in China for 1.37 trillion won ($1.15 billion), according to Tencent Tech.
The two 31-story buildings in Beijing, LG Beijing Twin Towers, will be sold to RECO Changan Private Ltd., a wholly owned subsidiary of the Singapore Government Investment Corporation.
Three LG Group subsidiaries -- LG Electronics Co., Ltd., LG Chemical Co., Ltd., and LG International Co., Ltd.-will sell their shares in LG Holdings Hong Kong, which owns the building assets.
LG said the sale aims to ensure liquidity in the context of global economic uncertainty and to fund its future growth engine. The company added that real estate transactions will be completed no later than April.
In 2005, LG Group spent $400 million to build the building in Chaoyang District, Beijing, China.
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