Benzinga | Jul 22, 2021 08:09AM EDT

Borqs Technologies Forms Joint Venture To Develop 1.9M Square Foot, $100M 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 announced that the Company, through a joint venture with the Huzhou, China government, is receiving bids from several real estate developers to build out a 1.9 million sq.ft., US$110 million 5G Industrial Park in Huzhou, China. The US$110 million value includes the Company's 1.7 million sq.ft. of land-use rights granted Borqs by the Huzhou South Taihu New Area government. The development will include a research and office complex, manufacturing facilities, convention center and hotels.

Borqs is targeting its leasing efforts at cutting-edge technology companies and is actively in discussions with companies in robotics, auto-drive software, artificial intelligence for health inspection, remote controlled security systems, sensor technologies for smart cities, and incubators for various 5G technologies.

The Borqs JV entity with the Huzhou authorities is authorized to manage the development project and is expected to retain between 20% to 30% ownership of the facilities. The developer bidding and selection process is expected to conclude in the third quarter.