Apple supplier Foxconn plans $5.7bn smartphone factory in China
Taiwanese supplier Foxconn Technology, also known as Hon Hai Precision Industry, will invest over CNY37.5bn ($5.75bn) into a smartphone factory, an LCD TV plant, chip manufacturing facilities and more in Nanjing, China, after making significant investments in the US in July. The company is the world's largest contract electronics maker and is a major manufacturer for Apple. The group's Chinese arm has made an agreement with Jiangsu province city officials that may result in Nanjing providing financial and infrastructure support. As well as making iPhones Foxconn is understood to want to capture a larger share of the Chinese smartphone market.

TAIPEI -- Hon Hai Precision Industry will pour more than 37.5 billion yuan ($5.74 billion) into a smartphone plant and other investments in the Chinese city of Nanjing, under a deal achieved by Wednesday, as the Taiwanese company aims to strike a balance after announcing a major U.S. investment in July.

Hon Hai, better known as Foxconn Technology Group, is the world's biggest contract electronics maker and a major Apple supplier. The group's Chinese unit reached a general agreement with the Jiangsu Province city that also includes possible investments such as a liquid crystal display TV plant, a research and development site, chipmaking facilities and a logistics center. Nanjing may provide financial support as well as help with land and other infrastructure.