Zhuhai, China, 19 Jul – The president of the Gree Corp. group of Zhuhai, Zhu Jianghong, has announced the creation of a new subsidiary to develop tourism in the city of Zhuhai, in Guangdong province bordering on Macau.

The group has two subsidiaries, both quoted: Gree Electric Appliances, which makes air conditioners, and Xi’an Gree Real Estate, involved in property development.

Zhu said the new subsidiary aims to enable the group to diversify activities. He provided no further details about the company’s role in the group or its relationship with authorities of the city, one of China’s first special economic zones.

The Gree Corp. group controls a 35 percent share of the air conditioners market, where it obtains a large part of its profits. Chinese press reports indicate that it plans to move into the production of refrigerators and washing machines.

The group’s president said that future production of those appliances would depend on market conditions, adding that studies were under way to determine their economic feasibility. (macauhub)