Country Garden Seeking Exit From Chinese Chipmaker CXMT, Sources Say
- A potential stake sale could help to raise about $276 million
- Bloomberg has reported CXMT may be targeted with US sanctions
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As Chinese property developer Country Garden Holdings Co. struggles under a mountain of debt, its venture capital arm is considering selling its stake in a chipmaker that may become a target of US sanctions.
Country Garden Venture Capital is seeking about 2 billion yuan ($276 million) for its undisclosed stake in ChangXin Memory Technologies Inc., according to people familiar with the matter.