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 TechFaith
TechFaith (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 continues to maintain a
team of professional engineers focused on the development of
ruggedized smart devices for both its consumer and enterprise
segments, although it started investing in the construction of
buildings and facilities in 2009 as part of its growth and business
diversification strategy, gradually shifting away from its
traditional focus on the mobile solutions and handset markets. For
more information, please visit www.techfaithwireless.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," "outlook" and similar
statements. TechFaith may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission on Forms 20-F and 6-K, among others, and in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about TechFaith's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, those
risks outlined in TechFaith's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
TechFaith does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE China TechFaith Wireless Technology Limited