Changsha, Hunan – China’s appliance heavyweight Gree started a new refrigerator project at its Industrial Park here in mid November.
The project covers over 640,000m2. It is designed to produce 2.5m unit/year refrigerators and 2m unit/year for washing machines.
Gree is earmarking CNY5bn ($711m) investment in the project which is expected to generate CNY10bn/year sales, said the local government.
The new project is phase three of the Gree Park. The park houses a logistics centre and is also home to air conditioner manufacture.
The park, covers 170 ha (420 acre). In total investment of around CNY10bn is likely. When all the plants operate at capacity the park should create CNY30bn/year in sales said Gree.
'Gree’s portfolio today covers every type of intelligent household product. We can manufacture, with our own technology, all products along the supply chain,’ said Gree’s chairman Dong Mingzhu. Speaking at the commencement ceremony he added: 'I believe there will be phase four and phase five [for this site].