2.1 CHINA

Affected by the economic situation, China’s VRF market, including residential and commercial sectors, grew by 4.7% in 2018 compared with the previous year, with total sales of 1.04 million units. Among them, the sales growth of mini-VRFs for the home improvement retail market has slowed down drastically. There are fewer big real estate projects due to changes in real estate policy, and price competition is very intense.