HTC Sells Shanghai Phone Manufacturing Facility, Plans To Invest More Money Into VR Business

Just a month after HTC was rumoured to drop out of the entry-level smartphone business, the company announced that it has sold its manufacturing facility. The 114,000-square-meter (28-acre) Shanghai phone production facility is sold to the Xingbao Information Technology, who paid CNY630 million or approximately $91.17 million for the plant.

According to the company, the decision was made on Wednesday with the aim of generating funds to boost its investments in the VR business. This is the second factory that HTC sold over the last two years and the recent contract to produce Google phones doesn't seem to have helped much.