Beijing, China, 10 March – profits at Gree Electric Appliances rose some 40 percent in 2009, the company’s chairman, Dong Mingzhu said in Beijing at the 11th People’s National Congress.

In 2008, said the chairman of the Zhuhai-based company, Gree’s profit rose 66 percent year on year to 2.1 billion yuan.

However, due to the world financial crisis, Gree’s market capitalisation fell from 5 billion yuan in 2008 to 3 billion yuan in 2009.

The headquarters of the China National Offshore Oil Corporation (CNOOC) are also due to start operating in the special economic region of Zhuhai in mid 2011.

According to a statement from the group, the Zhuhai facilities will be the logistical base for deepwater operations in the southern China seas.

CNOOC also said that it would invest between 30 billion and 50 billion yuan in a number of projects in Zhuhai, specifically a natural gas project in Gaolangang as well as renewable energies project. (macauhub)