LG Group Sells Its Headquarters Building in China to Combat Global Uncertainty

The LG Group is selling the headquarter buildings in Beijing China for US$1.15 billion in order to boost its liquidity under global uncertainty since its business in China is going to be negatively impacted with coronavirus outbreak.

According to the report of The Korea Times, LG Electronics expects that the coronavirus could impact its Chinese market and foresees a 7% drop in smartphone shipment for the first quarter. Facing the uncertain global circumstance, LG decided to sell the twin buildings for securing liquidity and to keep the flexibility for future merges, acquisitions and investments.

The 31-storyed twin building locates in the center of Beijing and was owned by LG Holdings Hong Kong, a wholly owned subsidiary of LG. Board members are selling 49% stake in LG Holding Hong Kong to RECO Changan Private, a subsidiary of the Government of Singapore Investment Corporation.

LG has planned to sell the office since last year and said the transition will be down by April.

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