LG Electronics Decides to Sell Beijing Twin Towers in China for 660 Billion KRW

[Asia Economy Reporter Dongwoo Lee] LG Electronics announced on the 7th that it held a board meeting and decided to sell the Beijing Twin Towers located in Beijing, China.

At the board meeting, LG Electronics explained that it decided to sell its entire 49% stake in LG Holdings (HK) Ltd to Rico Changan Limited, which is 100% owned by the Singapore Investment Corporation.

LG Holdings (HK) Ltd owns 100% of Beijing Tower Corporation, which owns and operates the Beijing Twin Towers. The sale price for LG Electronics' 49% stake in LG Holdings (HK) Ltd amounts to 3.94 billion yuan (approximately 668.8 billion KRW).

Regarding the reason for the sale, LG Electronics stated, "To secure liquidity in preparation for global economic uncertainties and to invest in future growth engines and enhance shareholder value, we have been promoting the sale of the Beijing Twin Towers since the second half of last year."

LG Electronics explained that it plans to sign the stock purchase agreement within this month and complete the transaction by the end of April.

This content was produced with the assistance of AI translation services.