Caixin
Nov 29, 2017 05:29 PM
BUSINESS & TECH

Lenovo Sells Off More Real Estate as Core Business Struggles

Lenovo, which was the world’s largest PC-maker until the second quarter of this year, has recently been selling off real estate assets while it struggles to boost profits. Photo: Visual China
Lenovo, which was the world’s largest PC-maker until the second quarter of this year, has recently been selling off real estate assets while it struggles to boost profits. Photo: Visual China

Lenovo Group has sold a Wuhan research and development (R&D) facility to China New Town Development, the computer-maker’s latest disposal of a real estate asset this year amid lackluster earnings in its mobile phone and PC businesses.

Beijing-based Lenovo will sell 100% of its equity interest in Lenovo Mobile Communication Software (Wuhan) Ltd., a subsidiary whose main asset is the R&D facility, for 1.24 billion yuan ($187.78 million), the company said in a Hong Kong Stock Exchange filing on Tuesday.

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