May 31 (Reuters) - Debt-laden property developer Country Garden's venture capital arm is looking to sell its stake in Chinese chipmaker ChangXin Memory Technologies for 2 billion yuan ($276.30 million), Bloomberg News reported on Friday.

Country Garden Venture Capital, which was founded in 2019, has an undisclosed stake in the chipmaker, which according to media reports might be a target of sanctions from the Biden administration.

The stake sale marks the latest effort by cash-strapped Country Garden to raise more cash as it looks to please its creditors. The Chinese developer extended some yuan bond repayment deadlines in April and is also facing a winding-up petition in a Hong Kong court.

The deliberations are ongoing and may not lead to a sale, Bloomberg reported, citing people familiar with the matter.

Country Garden Venture Capital and CXMT did not immediately respond to a Reuters request for comments. ($1 = 7.2384 Chinese yuan renminbi) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi Aich)