Appliance makers pin hopes on real estate

Some of the sector's best-known names enter the property market

SHANGHAI - China's major home-appliance makers have found a new source of profit as they cash in on the lucrative real estate sector, industry experts said.

Home-appliance producer Zhejiang Supor Co Ltd plans to invest 1.5 billion yuan ($232 million) in the central business district area in Shenyang, the capital city of Liaoning province, according to The Securities Daily. The company also bought two blocks of land in Shenyang in June priced at 1,000 yuan a square meter (sq m) and 950 yuan a sq m to increase presence in the real estate sector.