Borqs Technologies Inc. (NASDAQ: BRQS) Signs Supplementary Agreement For Land Use in Hangzhou, China; Shares Plunge

Borqs Technologies Inc. (NASDAQ: BRQS) dropped 2.29% after announcing the signing of a supplementary agreement with Huzhou South Taihu New Development Commission.

Borqs to construct an industrial park in Huzhou

According to the agreement, Borqa will receive land use rights to around 240 Chinese acres to construct a 5G industrial park for incubation activities and 5G mobile technologies research & development, IoT products manufacture and showcases, and hosting victor facilities. Phase 1 of the product assembly facilities has commenced and will be operational by the end of June 2021.

This land rights grant is one of only five such grants from Huzhou to commercial firms, as initially disclosed in December 2020. The company is collaborating with Huzhou authorities for the development of IoT products and the latest mobile technologies. Borqs will receive the 1.7 million square feet of land use rights at the lowest possible price. The company has been given authority to oversee all aspects of the project’s procurement, including the solicitation of real estate developers and business players.

Borqs is a leader in IoT products. 

Borqs is a portfolio company of Qualcomm Technologies in IoT listed as Borqa International Holding Corp. The company is an IoT platform and solutions pioneer, offering Android-based smart connected devices and cloud service solutions configurable, distinctive, and scalable. Borqs has established itself as a leading end-to-end IoT solution provider because of its unique strategic chipset partner partnerships as well as its extensive software and IP portfolio.

Huzhou City’s South Taihu New Area was established on June 2, 2019, and is one of four new areas created by the province government. With a total planning area of 225 square kilometers, it is located in the northern section of Zhejiang Province, onTaihu Lake’s southern shores.

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