Overview

Gree Group, formally Zhuhai GREE Group Co., Ltd., is a state-owned enterprise headquartered in Zhuhai, Guangdong Province, China. It was established and supervised as an investment and asset-management vehicle of the Zhuhai municipal government rather than as a single consumer-facing product brand. The group became closely associated with the Gree name because two of its most prominent assets were Gree Electric Appliances, a major air-conditioning and home-appliance manufacturer, and Gree Real Estate, a property-development company. The group's role has changed over time. During the period when it held significant stakes in Gree Electric and Gree Real Estate, Gree Group functioned as an important local-government investment platform with interests spanning appliances, real estate, infrastructure-related assets, investment management, construction investment, property management, retail, biotechnology, and new-energy activities. Its influence over Gree Electric was not determined solely by its shareholding: at the end of 2015, the group held 18.22 percent of Gree Electric but retained the ability to influence the composition of the company's board by nominating directors for election. Gree Group and Gree Electric also shared chairwoman Dong Mingzhu until November 2016. She was then replaced at the group by Zhou Lewei, who also became the group's Communist Party secretary, replacing Meng Xiangkai. This leadership transition reflected the distinction between the municipal holding group and the listed appliance company, even though the two organizations remained closely connected through ownership and governance. The group also underwent a major restructuring of its portfolio. In mid-2015, its stake in Gree Real Estate was transferred to another entity controlled by the Zhuhai municipal government, together with other assets including a management company associated with the Hong Kong–Zhuhai–Macau Bridge checkpoint. In December 2019, Gree Group sold 15 percent of Gree Electric to a private-equity fund for 41.7 billion Chinese yuan. After the transaction, it retained 3.22 percent of Gree Electric, while the buyer became the listed appliance company's largest shareholder. This transaction substantially reduced Gree Group's direct ownership and marked a significant change in its relationship with the best-known Gree operating company. Public descriptions of the group identify a number of current or affiliated entities, including Gree Electric Appliances, Gree New Technology Development, Gree Meida Technology, Ruideli Biotechnology, Gree New Energy Technology, Jianan Group, Gree Island Investment, Gree Real Estate, Gree Property Management, Wangjiao Department Store Development, Gree Financial Investment Management, Gree Construction Investment, and Xingge Investment. The group has also been associated with former assets and joint ventures, including Gree Real Estate as a former group holding and Zhuhai Airlines as a former joint venture. Gree Group's history has also been affected by governance controversies. Reference material reports that multiple former managers were arrested for corruption, although the available material does not provide a complete chronology or detailed case summaries. Consequently, the group is best understood as a municipal state-owned investment and operating platform whose portfolio and governance structure have evolved through transfers, divestments, and changes in local-government asset strategy. It should not be conflated with Gree Electric Appliances, the separately listed appliance manufacturer that became the group's most internationally recognizable associated company.

History

Gree Group is a Zhuhai municipal state-owned enterprise that operated as an investment vehicle and diversified asset platform. Its ownership and supervision were associated with the State-owned Assets Supervision and Administration Commission of the Zhuhai Municipal People's Government. Rather than being defined only by one consumer product, the group assembled and managed interests across appliance manufacturing, real estate, investment, property management, construction, retail, biotechnology, and new-energy activities. The group became particularly important because Gree Electric Appliances and Gree Real Estate were among its notable assets. Gree Electric developed into a major listed appliance manufacturer, especially recognized for air conditioners, while Gree Real Estate represented the group's exposure to property development. Gree Group's influence over these companies was exercised through a combination of equity ownership and local-government-backed governance rights. A significant portfolio change occurred in mid-2015, when the group's stake in Gree Real Estate was transferred to another entity of the Zhuhai municipal government. The transfer was accompanied by other assets, including a management company connected with the Zhuhai checkpoint of the Hong Kong–Zhuhai–Macau Bridge. At 31 December 2015, Gree Group still owned 18.22 percent of Gree Electric, but it could continue to influence the composition of the company's board by nominating candidates for election. The relationship between the group and Gree Electric was also visible in their leadership. Dong Mingzhu served as chairwoman of both organizations until November 2016. She was replaced at Gree Group by Zhou Lewei, who additionally became the group's Communist Party secretary, replacing Meng Xiangkai in that role. The leadership change underscored the separate institutional identities of the municipal holding company and the listed appliance company. The most consequential ownership change came in December 2019. Gree Group sold 15 percent of Gree Electric to a private-equity fund for 41.7 billion Chinese yuan. Following the sale, Gree Group retained only 3.22 percent, and the acquiring fund became Gree Electric's largest shareholder. This transaction reduced the group's direct ownership of its best-known associated company and altered the ownership structure of Gree Electric. Reference material lists a broad group structure, including Gree Electric Appliances, Gree New Technology Development, Gree Meida Technology, Ruideli Biotechnology, Gree New Energy Technology, Jianan Group, Gree Island Investment, Gree Real Estate, Gree Property Management, Wangjiao Department Store Development, Gree Financial Investment Management, Gree Construction Investment, and Xingge Investment. It also identifies Gree Real Estate and Gree Electric as former group assets in the relevant ownership context, and Zhuhai Airlines as a former joint venture. The group's history includes governance problems. Multiple managers were reportedly arrested for corruption, but the available reference does not identify every individual, allegation, or legal outcome. Further research would be required to produce a complete chronology. Overall, Gree Group's history is characterized by municipal state ownership, diversification into multiple sectors, close historical links with Gree Electric and Gree Real Estate, leadership changes, and major transfers of equity and assets during the 2010s.

2019
Sale of major Gree Electric stake
[1]Gree Group - Wikipediaen.wikipedia.org
Gree Group sold 15 percent of Gree Electric to a private-equity fund and retained 3.22 percent.
2016
Leadership transition at Gree Group
[1]Gree Group - Wikipediaen.wikipedia.org
Zhou Lewei replaced Dong Mingzhu and also became Communist Party secretary, succeeding Meng Xiangkai in that party role.
2015
Gree Group transfers Gree Real Estate stake
[1]Gree Group - Wikipediaen.wikipedia.org
The group's interest in Gree Real Estate and certain other assets was transferred to another entity of the Zhuhai municipal government.
2015
Gree Group holds 18.22 percent of Gree Electric
[1]Gree Group - Wikipediaen.wikipedia.org
At the end of the year, Gree Group held 18.22 percent of Gree Electric while retaining board-nomination influence.

Products and positioning

A Zhuhai municipal state-owned investment and operating group with historical exposure to appliances, real estate, infrastructure-related assets, and diversified investment businesses.

Home appliances
Gree Electric Appliances
Gree Electric Appliances was the group's best-known historical operating asset and is primarily associated with air conditioners and other household appliances. Gree Group's relationship with the company was based on ownership and governance rather than on the group itself manufacturing every product sold under the Gree name. The group substantially reduced its stake in 2019.
Real estate
Gree Real Estate
Gree Real Estate represented the group's property-development interests. Its stake was transferred in 2015 to another entity of the Zhuhai municipal government, making it a former major asset in the group's portfolio.
New energy
Gree New Energy Technology
Gree New Energy Technology is identified in reference material as one of the group's current entities. The available source confirms its place within the group structure but does not provide enough detail to characterize particular products or technologies.
Property management
Gree Property Management
Gree Property Management is identified as a group entity serving the property-services side of the portfolio. Specific projects, geographic coverage, and operating scale are not detailed in the available reference.
Financial investment
Gree Financial Investment Management
Gree Financial Investment Management is listed among the group's current entities and reflects the investment-management function of the broader municipal holding structure. The available source does not specify its individual funds or mandates.

Controversies

2021
Court rules in Aux’s favor in patent cases against Gree
Ningbo Intermediate People's Court ruled in two first-instance patent cases that Gree infringed Aux’s compressor invention patent by manufacturing and selling two air-conditioner models, and ordered Gree to pay about 167 million yuan in total. Gree had argued that the products did not infringe the patent.
Source
2021
Gree reaches U.S. deferred prosecution agreement over dehumidifiers
Gree-related companies reached an agreement with the U.S. Department of Justice concerning North American dehumidifiers produced from 2005 to 2012. The agreement calls for a $75.75 million payment; Gree said the issues involved occurred eight years earlier and the amount had already been accrued.
Source
2020
Midea responds to Gree’s bidding allegations
Midea responded to Gree’s allegations concerning invoice information and technical parameters in a China Mobile bidding project, saying the claims were untrue and that the invoice-number discrepancy resulted from a clerical error.
Source
Corruption arrests involving former managers
The reference material states that multiple Gree Group managers were arrested for corruption. It does not provide sufficient detail to identify all cases, dates, charges, or outcomes.
Source

Brand decisions

2019
Sale of 15 percent stake in Gree ElectricM&A
Background
Gree Group was reshaping its ownership of Gree Electric, one of its most important listed assets.
Action taken
The group sold a 15 percent interest in Gree Electric to a private-equity fund for 41.7 billion Chinese yuan and retained 3.22 percent.
Aftermath
The acquiring fund became Gree Electric's largest shareholder, while Gree Group's direct ownership and control position were substantially reduced.
Consideration for 15 percent of Gree Electric. CN¥41.7 billion (December 2019)
Source
2015
Transfer of Gree Real Estate holdingStrategy
Background
Gree Group was reorganizing the assets held through its municipal investment platform.
Action taken
The group transferred its stake in Gree Real Estate, together with certain other assets, to another entity of the Zhuhai municipal government.
Aftermath
Gree Real Estate became a former group asset in the ownership structure described by the reference material.
Source

Recent events

2021.12
Reported2021.12.08
Court rules in Aux’s favor in patent cases against Gree[2]Court rules in Aux’s favor in patent cases against Greefinance.sina.com.cn
Ningbo Intermediate People's Court ruled in two first-instance patent cases that Gree infringed Aux’s compressor invention patent by manufacturing and selling two air-conditioner models, and ordered Gree to pay about 167 million yuan in total. Gree had argued that the products did not infringe the patent.
2021.11.05
Gree launches TOSOT G7 smartphone[5]格力发布大松TOSOT G7手机digi.hsw.cn
Gree formally launched the TOSOT G7 smartphone on November 5. The phone was available for sale at Gree Dong Mingzhu Store, with listed prices starting at RMB 2,959.
2021.11.05
Reported2021.11.05
Gree lists TOSOT G7 smartphone[6]格力上架大松G7手机finance.sina.com.cn
Gree listed a new smartphone product, TOSOT G7 (also called 大松G7), on November 5.
Unconfirmed
Gree reaches U.S. deferred prosecution agreement over dehumidifiers[3]Gree reaches U.S. deferred prosecution agreement over dehumidifiersnbd.com.cn
Gree-related companies reached an agreement with the U.S. Department of Justice concerning North American dehumidifiers produced from 2005 to 2012. The agreement calls for a $75.75 million payment; Gree said the issues involved occurred eight years earlier and the amount had already been accrued.
Unconfirmed
Reported2021.06.17
Gree launches an air conditioner designed for older adults[7]格力推出专为老年人设计的空调finance.sina.com.cn
Gree recently launched the Xintianweng air conditioner, which the article describes as designed specifically for older adults.
2021.06.16
Reported2021.06.16
JD Appliances and appliance brands form 618 renewal service alliance[8]京东家电携手家电品牌成立618焕新服务联盟finance.sina.com.cn
JD Appliances and numerous appliance manufacturers announced the formation of the JD 618 “Renewal Service Alliance,” with members committing to provide upgraded services to consumers.
Unconfirmed
Gome Fun App Announces May Day Promotion[9]真快乐APP宣布五一促销活动house.jrj.com.cn
Gome Fun App announced that the first phase of its “True Low Prices, Long-Lasting Campaign” is scheduled to begin at 8 p.m. on April 30, with participating brands’ products promoted at what it calls the lowest prices nationwide across the entire internet.
Unconfirmed
Reported2021.02.23
Court rejects Aux's jurisdiction objection in Gree patent dispute[10]法院驳回奥克斯在格力专利纠纷案中的管辖权异议finance.sina.com.cn
In Gree's patent dispute against Aux and JD.com’s Beijing entity, the court rejected Aux's jurisdiction-related argument, finding that preliminary evidence supported treating the JD.com entity as a defendant. The court stated that whether that entity infringed would require a merits hearing; the ruling did not determine infringement.
Unconfirmed
Home-appliance brands announce product price increases[11]多家家电品牌宣布上调部分产品价格news.timedg.com
Midea, Gree, AUX, Hisense and TCL sent price-increase notices to distributors, saying that prices for some products would be raised because of rising upstream material prices and manufacturing costs.
Unconfirmed
Reported2020.12.14
Dasong launches its first 5G phone[12]大松推出首款5G手机finance.sina.com.cn
Gree Electric launched its first 5G phone under the Dasong name rather than the Gree name. The article reports that the phone was recently launched but does not give the launch date.