Qingdao Haier Co Ltd，China's largest listed home appliance producer, announced that it has secured approval from board of directors to invest RMB 306 million to build an air conditioner project in Jiaozhou, Shandong Province, sources reported.

In a statement filed with the Shanghai Stock Exchange, the company said it expects the project will set a solid foundation for its next round of industrial upgrading. The investment will be funded by the company's own capital.

Qingdao Haier Air Conditioner General Crop will be responsible for the project, which will be mainly engaged in the development and production of high energy efficiency air conditioners with an estimated production capacity of 3 million units.

Last week, Qingdao Haier announced that its net profit would have grown over 50% for the first half of this year.

Source：China Knowledge

Editor：Yu Meng