ZTE announced on March 18 the company is projected to establish a new R&D center in Nanjing, which will be dedicated mainly to R&D, training and outsourcing activities, the Chine Business News reported on March 18. With a total floor area of approximately 1.50 million square meters, ZTE's new center will be valued at 16.0 billion RMB (US$2.4 billion; US$1 = 6.6 RMB), six billion of which will be earmarked for infrastructure, and the construction is estimated to complete within 10 years. ZTE is expected to enter into a strategic agreement with Nanjing's municipal government soon, according again to the same source. The investment plan, however, is currently still pending for the approval by the shareholders' meeting.