May 27, 2010 (FinancialWire) — UTStarcom, Inc. (NASDAQ: UTSI) said that title has been transferred to the buyer in relation to the sale of its facility in Hangzhou, China to the Zhongnan Group of Companies.

The company sold its 2.6 million square foot manufacturing operations, research and development and administrative offices facility as well as certain other assets related to the property for a total purchase price of RMB 950 million (around US $140 million), or RMB 900 million (around US $132 million) net of taxes.

To date, UTStarcom said it has received around RMB 855 million of the purchase price and taxes on the transaction have been paid. The remaining purchase price is to be paid following the inspection and handover of the property.

UTStarcom is leasing back a portion of the building to maintain its current operations and presence in Hangzhou. The anticipated start date of the leaseback is May 27.

California-based UTStarcom offers IP-based, end-to-end networking solutions and international service and support. The company sells its solutions to operators in both emerging and established telecommunications markets around the world.

The company has research and development operations in the United States, China, and India.

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