Foxconn planning to sell $8.8 billion China plant
In the backdrop of the simmering US-China trade war, Taiwan’s Foxconn is exploring the possibility of selling its new US$ 8.8 billion display panel factory in China. This sale would be one of its largest divestments from China. However, given the tepid global demand for large-screen LCDs due to the supply glut and the disruption in technology global supply chains, it would take quite some time for this sale to materialize. Meanwhile, on Thursday the Trump administration announced a decision to impose a 10% tariff on US$ 300 billion of Chinese imports w.e.f. September 1, further accentuating the trade tensions with Beijing.