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Business & Finance

Country Garden looks to sell CXMT stake for $276mn, Bloomberg News reports

Published May 31, 2024 Updated May 31, 2024 11:11am
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Photo: Reuters
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By Reuters
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Debt-laden property developer Country Garden’s venture capital arm is looking to sell its stake in Chinese chipmaker ChangXin Memory Technologies for 2 billion yuan ($276.30 million), Bloomberg News reported on Friday.

Country Garden Venture Capital, which was founded in 2019, has an undisclosed stake in the chipmaker, which according to media reports might be a target of sanctions from the Biden administration.

The stake sale marks the latest effort by cash-strapped Country Garden to raise more cash as it looks to please its creditors.

China’s Country Garden nears full exit from Australia with residential project sale

The Chinese developer extended some yuan bond repayment deadlines in April and is also facing a winding-up petition in a Hong Kong court.

The deliberations are ongoing and may not lead to a sale, Bloomberg reported, citing people familiar with the matter. Country Garden Venture Capital and CXMT did not immediately respond to a Reuters request for comments.

Country Garden

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test Jun 29, 2024 02:35pm
China is the largest economy in the world by ppp and second by nominal gdp therefore it must invest a trillion dollars in producing advanced 1nm chip making euv machines to bolster its chip ambitions.
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test Jun 29, 2024 02:38pm
I wonder why China didn't gave that much importance to local production of chips. It must start a chip emergency in chip (designing manufacturing packaging testing assembling) to counter united states
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