LG Electronics is selling its Chinese headquartersLG Electronics, a major Korean tech firm, said Friday it has decided to sell its Chinese headquarters buildings for 669 billion won ($562 million).
The LG Beijing Twin Towers - two 31-story buildings - will be sold to RECO Changan Private, a subsidiary of Government of Singapore Investment, according to LG Electronics.
LG said the asset sale is aimed at securing liquidity amid global economic uncertainties and funding its future growth engines. The company added the deal will be completed no later than April.
LG spent $400 million to build the towers, located in Chaoyang District of the Chinese capital city, in 2005.