Benzinga | Jun 7, 2021 08:04AM EDT

Borqs Technologies Says Receives 1.7M Square Foot Land Use Rights For 5G Industrial Park Project In Huzhou, China

Borqs Technologies, Inc. (NASDAQ:BRQS, &quot, Borqs&quot, , or the &quot, Company&quot, ))))), a global provider of embedded software and products for the Internet of Things (IoT) and a portfolio company of Qualcomm Technologies, today reported that the Company has signed a supplementary agreement with the Huzhou South Taihu New Development Commission in which Borqs is granted land use rights to 240 Chinese acres (equivalent to 1.7 million sq. ft.) to build up a 5G Industrial Park particularly for 5G mobile technologies R&D and incubation activities, IoT products manufacturing and showcases, as well as hosting facilities for visitors. The first phase of product assembly facilities has already begun and is anticipated to be operational by the end of June 2021.



As previously disclosed in December last year that the Company is in cooperation with the Huzhou authorities for development of the latest mobile technologies and IoT products, this award is one of only five such grants made by Huzhou to commercial enterprises. The 1.7 million sq.ft. of land use rights will be provided to Borqs at the lowest allowable pricing. The Company is authorized to manage all procurement of the project including the solicitation of real estate developers and business participants, and is also anticipated to recruit graduates from the academic institutions in the Huzhou area.

Borqs is listed among the Qualcomm Technologies portfolio companies in IoT ( https://www.qualcommventures.com/portfolio/) as "Borqs International Holding Corp., is a global leader in IoT platform and Solutions providing customizable, differentiated and scalable Android-based smart connected devices and cloud service solutions. Borqs has achieved leadership and customer recognition as an innovative end-to-end IoT solutions provider, leveraging its unique strategic chipset partner relationships as well as its broad software and IP portfolio."

About Huzhou South Taihu New Area of Zhejiang province, China

The South Taihu New Area of Huzhou City was officially established on June 2, 2019 and is one of the four new areas established by the provincial government. It is located in the northern part of Zhejiang Province at the south shore of the beautiful Taihu Lake, with a total planning area of 225 square kilometers. Accessible by high speed railway and five express highways, the area is also connected with the inland water transportation channels in China. There are four international airports around the new area, including Hongqiao and Pudong in Shanghai, Xiaoshan in Hangzhou and Lukou in Nanjing.