Zhuhai Gree Group

In December 2019, the Zhuhai SASAC sold a 15% stake in the publicly listed Gree Electric Appliances to Hillhouse Capital-managed Zhuhai Mingjun for roughly RMB 41.7 billion. This transaction reduced the SASAC's direct economic interest while assigning a strategic private-sector partner to the board. It positioned Gree Group as a case study in China's mixed-ownership reform policy, which aims to improve state-owned enterprise efficiency through private capital injection.

Ultimate investment and strategic decisions rest with the Zhuhai SASAC, which owns 90% of the group. Operationally, the most prominent figure in the Gree ecosystem is Dong Mingzhu, the long-serving Chairwoman and President of Gree Electric. Her management authority over the core industrial asset gives her significant influence over the group's overall capital allocation and strategic direction.

Zhuhai Gree Group is the state-owned parent entity that historically held a controlling stake in Gree Electric Appliances, the publicly traded, world-leading air conditioner manufacturer. Following the 2019 mixed-ownership reform, the group's direct shareholding declined, and it is no longer the controlling shareholder, but it remains a major strategic and influential owner through the Zhuhai SASAC's residual interest.

The group's direct investment and development portfolio is concentrated in China, specifically in Zhuhai, Guangdong province. Its known real estate assets, including Gree Coast and the Guangdong-Hong Kong-Macao Comprehensive Bonded Logistics Industrial Park, are domestic projects. Its international exposure comes indirectly through Gree Electric Appliances, which is a major global exporter of HVAC products.

Outside of its core industrial holding in appliances and robotics, Gree Group acts as a real-estate and infrastructure developer for the city of Zhuhai. Its strategy involves developing mixed-use commercial properties, logistics parks, and taking on land restoration projects, such as the Zhuhai Xianglu Bay Beach Restoration. It functions as a key instrument for executing the municipal government's urban development plans.