VR-minded HTC to sell Shanghai plant

Taiwan-based smartphone company HTC Corp announced that it will sell its land and plant in Shanghai for 630 million yuan ($91.5 million), in a strategic move to fund expansion of its fledgling virtual reality business.

The 114,831 square meter smartphone factory will be sold to Shanghai Xingbao Information Technology Co Ltd - and the net gain of the disposal is estimated at about 147.76 million yuan, HTC said.

The decision was made on Wednesday by its board, with the aim of restructuring its operations and assets.