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.

  • LG
Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.
Nichia, the world's largest LED manufacturer and inventor of the high-brightness blue and white LEDs, is pleased to announce that Cube Direct Mountable Chip received the LightFair Innovation Awards in the LED Chips & Modules category. ... READ MORE
Now that TGL presented by SoFi has wrapped its groundbreaking inaugural season, Samsung Electronics America proudly celebrates its role as an Official Screen Partner, helping to redefine how fans experience the sport of golf. Throughout the se... READ MORE