Benzinga | Jul 22, 2021 08:39AM EDT

Borqs Forms JV To Develop $110M 5G Industrial Park in Huzhou

* Borqs Technologies Inc (NASDAQ:BRQS), via its Huzhou, China government joint venture, receives bids from several real estate developers to build out a 1.9 million sq. ft., $110 million 5G Industrial Park in Huzhou, China.

* The $110 million value includes the company's 1.7 million sq. ft. of land-use rights granted by the Huzhou South Taihu New Area government.

* The development will include a research and office complex, manufacturing facilities, convention center, and hotels.

* The Borqs JV entity with the Huzhou authorities is authorized to manage the development project. It is likely to retain 20% - 30% ownership of the facilities. The developer bidding and selection process are likely to conclude in Q3.

* Price action: BRQS shares traded higher by 7.94% at $0.9177 in the premarket session on the last check Thursday.