Samsung to spend more than $14 billion in second phase of China chip plant: Xinhua

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo

BEIJING (Reuters) - South Korean tech giant Samsung Electronics Co Ltd will spend more than $14 billion in the second phase of investment in its memory chip plant in Xian, China, China’s official Xinhua news agency reported on Friday citing a Samsung executive.

Xinhua, citing Samsung Vice President Ji Hyun-ki, said the second phase of investment in the Xian plant will be completed in July this year and start production in the first quarter of 2020.

Reporting by Beijing Monitoring Desk; Editing by Susan Fenton