BEIJING (Reuters) - Chip design company ARM Holdings’ Chinese subsidiary has signed an agreement with southwestern Sichuan province for a more than 10 billion yuan ($1.4 billion) research and development project, the official Xinhua news agency reported on Tuesday.

ARM, owned by Japan’s Softbank Group, will build a new complex on a site of about 200,000 square meters for microchip research and development, the report said.

($1 = 6.9576 Chinese yuan renminbi)