Gree looks to other avenues for growth

Gree Electric Appliances Inc, a major Chinese home appliances maker, will develop more product lines and activities in the years ahead, amid a sharp drop in its core air conditioner operations.

Sales of its air conditioners, the company's staple since launching in 1991, dropped nearly 30 percent year-on-year to 83.7 billion yuan ($12.9 billion) in 2015, according to the company's annual report.

Following the slump, Gree's overall revenue and net profits fell by 29.04 percent to 97.75 billion yuan and 11.46 percent to 12.53 billion yuan, respectively, according to its annual report.