China Telecom reportedly building $434 million quantum computing unit

Chinese Telco China Telecom is dropping some cash on a new quantum computing division, according to a report.
China Telecom has dropped 3 billion yuan ($434 million) to set up China Telecom Quantum Information Technology Group according to Reuters, quoting a statement on its WeChat account. There doesn’t appear to be anything in terms of a press release.
The division will be based in the eastern Chinese province of Anhui, and will unsurprisingly be tasked with developing quantum technology