Borqs Technologies (NASDAQ:BRQS)announces a joint venture with the Huzhou, China government to build out a 1.9M square foot, $110M 5G industrial park in the region.
The development will include a research and office complex, manufacturing facilities, convention center and hotels.
The JV is authorized to manage the development project and is expected to retain between 20% and 30% ownership of the facilities.
The developer bidding and selection process is expected to finish up during the third quarter.