Chinese retail chain Gome Electrical Appliances and China's biggest appliances maker Haier formed will work together to achieve sales of RMB 50 billion (approx US$7.4 billion) within three years, according to China Knowledge.
Under the agreement, Gome Electrical Appliances Holding Ltd. and Haier Group will both increase their investment in appliance R&D, manufacturing, and marketing.
China Knowledge reports that the municipal government of Chongqing named Gome Electrical Appliances as one of the first firms to sell home appliances in the rural areas of Chongqing. The retailer will provide subsidies of RMB 250-400 (approx $35-60) for appliance sold, including TVs, refrigerators, washing machines, air-conditioners, and PCs.
to Daily News