According to a November 3 report by Reuters, which quotes an anonymous source, Chinese Huahong is planning an investment of US$1.5 billion to US$1.6 billion for a 12-inch wafer factory. According to Reuters' source, work on the project would start in 2006. No details were reported on whether the factory would be run by Huahong itself, by Huahong's joint venture with NEC, or whether Huahong would look for new partners for this project. Currently, the only 12-inch wafer factory in China is operated by SMIC in Beijing.