The logo of Gree was seen at the exibitional hall of Gree?Group headquarter at Zhuhai city, Guangdong province?on Nov.16,2010.[Photo/CFP]

CHONGQING-- Gree Electric Appliances Inc said Thursday that the company will invest 5 billion yuan ($747 million) to set up a new industry base in Chongqing Municipality.

The base, covering 1,000 mu (66.7 hectares) of land, will have 3,000 staff who will deal with the company's research, production, and settlement, company sources said.

The Chongqing hub brings the number of Gree's global bases to eight. Gree's registered 37.2 billion yuan of revenue from the sale of air-conditions in the first six months, up 61.8 percent from a year earlier.