Foxconn Technology Group Co. Ltd. is looking to sell its US$8.8 billion liquid crystal display factory due to decreased demand caused by the U.S.-China trade conflicts, Reuters reported, citing sources.

According to two sources, the Taiwanese company, formally known as Hon Hai Precision Industry Co. Ltd., is set to appoint banks that would look for buyers for the facility being set up in Guangzhou, China.

Foxconn is yet to arrive at an expected price for the Gen-10.5 facility, which was initially intended for the manufacturing of advanced flat-panel displays using technology from Japan's Sharp Corp., which Foxconn acquired in August 2016.

Discussions are reportedly still at an initial stage and may not convert to a deal.