NANJING -- Foxconn Technology Group will invest more than 37.5 billion yuan ($5.74 billion) in a new smartphone factory here, according to China media.

Among the planned investments are facilities for production and R&D, the report added.

Foxconn signed the deal with the Nanjing municipal government this week, according to the report.

According to the report, which cited government documents and a local official, Foxconn also signed agreements of intent to invest 4.58 billion yuan to build a R&D center in the Yuhuatai district of Nanjing, and possibly make additional investments in an LCD TV plant.

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