South Korean conglomerate LG Group will build a US$400 million office complex in Beijing for the headquarters of its rapidly expanding mainland operation.
The company said construction would start this month on the 150,000-square-metre LG Beijing Towers, a pair of 30-storey buildings located in the central business district on Chang'an Avenue near Tiananmen Square.
Chairman Koo Bon-moo said LG intended to succeed in the highly competitive mainland market by operating as a local company and that building prominent headquarters in the capital was part of that strategy.
'China is the largest and fastest-growing market in the world and at the same time it possesses the strongest competitiveness as a manufacturing site for the global market,' he said. 'We will continue to extend our investment in China and truly operate as a local company. The LG Beijing Towers clearly highlights our commitment and strong local presence.'
The complex will provide offices for LG and its affiliated companies, including LG Electronics and LG Chem.
LG China spokesman Park Young-ki said the company's rented office space in Beijing was no longer large enough to accommodate the operation. Mr Park said the new development would include a shopping mall on the lower floors.