Techfaith Invested in a Real Estate Development Project in Nanjing China
CHINA TECHFAITH WIRELESS (CNTF)
US:NASDAQ Investor Relations:
ir.techfaithwireless.com
Company Research
Source: PR Newswire
BEIJING, Aug. 2, 2019 /PRNewswire/ -- China TechFaith Wireless Communication Technology Limited (NASDAQ: CNTF) ("TechFaith" or the "Company"), today announced that through a series of negotiation and agreements since December 2018, it made an investment into a real estate development project in Nanjing, China. Techfaith extended a five-year RMB400 million loan, with an interest rate of 10% per annum, to and obtained a 15% equity interest in such project company.The project company acquired land use right of approximately 90,000 square meters, with plans to acquire additional lands to build real estate properties of more than 500,000 square meters in Nanjing, China. The loan received from Techfaith is solely for the purpose of project construction and development.About TechFaithTechFaith (NASDAQ: CNTF) is a developer, owner and operator of commercial real estate properties across China as well as a China-based mobile solutions provider for the global mobile handsets market. TechFaith c
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