Gree sets up chip design subsidiary

Home appliance maker's new arm to focus on smart component R&D

Gree Electric Appliances Inc, a major home appliances maker based in Zhuhai, Guangdong province, has set up a subsidiary focused on the design, development and sales of computing chips, according to the local industrial and commercial authority.

A source with the Zhuhai Municipal Industrial and Commercial Bureau indicated that the subsidiary, registered with capital of 1 billion yuan ($146 million), will also focus on research and development of semiconductors, integrated circuits, electronic devices and components, as well as other electronic products and services.