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Feb. 10 (NBD) – LG Corporation (LG) has decided to sell its headquarters building in Beijing for 1.37 trillion won (around 1.18 billion U.S. dollars).

The LG Beijing Twin Towers will be sold to RECO Changan Private Ltd., a wholly-owned subsidiary of Government of Singapore Investment Corp. 

Public information shows that the skyscrapers invested by LG Electronics, LG Chemical and LG International cost approximately 400 million U.S. dollars in 2015. The current sale price marks a value increase of approximately 780 million U.S. dollars. 

The deal is estimated to be finalized no later than April, LG said. Through the transaction, the company expects to guarantee liquidity amid global economic uncertainties and to fund its future growth engines, but didn't disclose any detail about the businesses to be invested in.

Email: gaohan@nbd.com.cn