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.