Suntech Power Holdings Co., Ltd., one of the world's leading manufacturers of photovoltaic (PV) cells, announced in a statement that it will establish manufacturing and R&D facilities in Caohejing Hi-tech Park, Shanghai. The facilities are expected to begin operations in early 2008. "Our new facilities in Caohejing Hi-tech Park will provide us with another site to expand our production capacity, and develop new solar technologies and value-added PV solutions," said Dr. Shi Suntech's Chairman and CEO. "We believe that the proximity to central Shanghai will also help us to continue to attract highly qualified staff." The Company anticipates that the manufacturing and R&D facilities will cost approximately $60 million to develop. Suntech has also recently opened a sales office in Shanghai as part of a strategy to develop sales in the domestic PV market.