A rendering of the Ouqiao Technology Industrial Park in Hungary [Photo from WeChat account hefeigaoxinfabu]

Anhui Ouqiao Industrial Co recently acquired a total of 450 mu (30 hectares) of land and 110,000 square meters of building space in the former national Icarus Industrial Park in Budapest, Hungary.

The company plans to invest 1.5 billion yuan ($241.70 million) to upgrade the original infrastructure and turn the land into Ouqiao Technology Industrial Park.

The new industrial park will include R&D offices and incubators and will develop big data, international e-commerce and logistics, photovoltaic installations, new energy vehicles and smart appliances.

Anhui Ouqiao Industrial Co is operated by Zhan Xiaorong, an overseas Chinese living in Hungary and is located in Hefei National High-tech Industry Development Zone.

Anhui Ouqiao Industrial Co will help domestic enterprises conduct business in the new industrial park in accordance with local policies and customs.