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Air conditioner maker's inventory hits 3 b yuan

(China Daily)
Updated: 2008-12-08 15:27

Quoting an unnamed source, Moneyweek reported on Monday that unsold stock of air-conditioners of Gree Electric Appliances, one of the biggest producers in China, is estimated to be valued at about 3 billion yuan ($439 million).

The source told Moneyweek that Gree has about 3 million air conditioners in stock with an estimated market value of about 1,000 yuan apiece.

Gree is not the only air conditioner producer that is taking a hit from the economic slowdown. Lu Renbo, an official from the Development Research Center of the State Council, estimated that manufacturers are holding up to 15 million air conditioners in unsold stock.