LG sells Beijing’s Gemini Tower for $1.15 billion


Sina Technology News Beijing time on the morning of February 10th, according to foreign media reports, LG Group said that the company has decided to sell two headquarters buildings in China for about 1.37 trillion won (about 1.15 billion US dollars).

The LG Twin Towers, located in Beijing, are two 31-story buildings that will be sold to RECO Changan Private Ltd., a wholly-owned subsidiary of the Government of Singapore Investment Corporation, the company said.

Separately, foreign media recently reported that three LG companies – LG Electronics, LG Chem and LG International – will sell their shares of LG Holdings Hong Kong, the owner of the Gemini Tower.

LG said the sale of the building was to ensure liquidity and fund the company’s future growth amid global economic uncertainty. The company also said the deal would close by April at the latest.

LG spent $400 million to build the two headquarters buildings in Beijing’s Chaoyang District in 2005. (mur)

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