China’s YMTC Forcing Laid Off Staff to Give Up Homes – Nikkei

YMTC is one of 35 Chinese entities hit by a US trade blacklist. File photo: Reuters.

State-owned Chinese chipmaker Yangtze Memory Technologies is forcing employees it laid off to either give up their company-subsidised homes or pay 1 million yuan ($148,000), Nikkei Asia reported.

Last month, on the heels of an export ban by the United States and amid ongoing lay-offs in tech industries across the world, YMTC announced it would dismiss 10% of its staff. It is now also reducing payrolls by up to 10%, the Nikkei report said.

Read the full report: Nikkei Asia.

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has been working as a digital journalist since 2013, and is an experienced writer and multimedia producer. As an eager stock market trader and investor, she is keenly interested in economy, emerging markets and the intersections of finance and society. You can tweet to her @saxenavishakha