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BEIJING HYUNDAI MOTOR CUTS ASKING PRICE FOR CHINA AUTO PLANT BY 30%

Beijing Hyundai Motor has cut the minimum asking price for its auto plant in China's southwestern city of Chongqing by almost 30%, to 2.58 billion yuan ($353.38 million), after putting it up for sale in August.

No buyer or timeline has been set for disposal of the plant, part of a joint venture of Hyundai Motor (011760.KS) and Beijing Automotive Group Co, as the South Korean automaker rejigs China strategy amid fierce price competition and slowing demand.

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