Gree to Increase Production in Chongqing

Gree signed an agreement with the Chongqing government in December 2009, and according to the agreement, the company s new factory in Chongqing will be put into operation in two years, the production capacity of which will be 8 million motors and 6 million compressors. By that time, all Gree air conditioners produced in Chongqing will no longer need key components produced by its factory in Zhuhai, Guangdong Province. The annual revenue of the new factory will be RMB 20 to 30 billion (US$ 2.9 to 4.4 billion).