Signaling more consolidation in China's appliance sector, Guangdong Midea Holding was reported set to take a 42% stake in fridge and air-conditioner maker Hualing Holdings. With losses of nearly US$50m piling up in the last couple of years, Hualing has been scrambling in vein to borrow cash in China's credit squeeze, forcing the merger. The vendor is Guangzhou government-backed Able Profit Investments which could get as much as US$35m for the stake, say sources quoted by the South China Morning Post.
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