A Beijing Hyundai sign is seen at an entrance to the Beijing Hyundai Motor plant in Chongqing, China October 8, 2018. REUTERS/Yilei Sun/File Photo Acquire Licensing RightsSHANGHAI, Oct 9 (Reuters) - Beijing Hyundai Motor has cut the minimum asking price for its auto plant in the southwestern Chinese city of Chongqing by almost 30% to 2.58 billion yuan ($353.38 million) after putting it up for sale in August. The price cut for the plant, a joint venture between South Korea's Hyundai Motor (011760.KS) and Beijing Automotive Group Co, was disclosed in a filing on the China Beijing Equity Exchange late last month. Beijing Hyundai Motor is selling the land use rights, equipment and other facilities belonging to its plant as the South Korean automaker rejigs its strategy in China amid fierce price competition and slowing demand. The original asking price was 3.68 billion yuan, and the statement did not give a reason for the reduction.

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Persons: Brenda Goh, Zhang Yan, Joyce Lee, Jamie Freed Organizations: Beijing Hyundai, REUTERS, Yilei, Rights, South Korea's Hyundai, Beijing Automotive Group, China Beijing Equity Exchange, South, Hyundai, U.S, Thomson Locations: Beijing, Chongqing, China, South, South Korean, Seoul