China's Largest Residential Air-Conditioner Manufacturer to Build New Energy Vehicle Base in Tianjin
Yicai Global
/SOURCE : Yicai
China's Largest Residential Air-Conditioner Manufacturer to Build New Energy Vehicle Base in Tianjin

(Yicai Global) Feb. 7 -- Gree Electric Appliances Inc., Zhuhai-based household appliance manufacturer, and its subsidiary Zhuhai Yinlong New Energy Co., an energy battery manufacturer, will build a new energy vehicle and battery production base in Tianjin, in northeast China near capital Beijing.

Wang Dongfeng, mayor of Tianjin, met with Dong Mingzhu, chairwoman of Gree Electric, and Sun Guohua, president of Yinlong New Energy signed a framework agreement on strategic cooperation for the project, Tianjin local government announced yesterday. They plan to build a base for intelligent electric device, intelligent equipment, new energy battery and auto industry in Tianjin.

Yinlong New Energy was subject to a capital increase agreement last December. Five enterprises attending the "Made-in-China Summit Forum" held on Dec. 15 last year, including Dalian Wanda Group, China International Marine Containers (Group) Co. (CIMC), Gree Electric represented by Dong Mingzhu, Beijing Yanzhao Huijin International Investment Co., and Jiangsu Jingdongbang Investment Management Co. have signed an agreement to increase Yinlong's capital. The amount of capital increase reached CNY3 billion (USD436 million), to acquire 22.3 percent stake in Yinlong. The CIMC contributed CNY200 million.

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