2.1 CHINA

In 2019, China’s VRF system market including residential and commercial systems grew by 3.8% year on year, with a total sales volume of million units. Among them, the commercial VRF market experienced negative growth, while the domestic mini-VRF market continues to grow, but with a growth rate that has dropped sharply. Big projects have plummeted. There are many delays in medium-sized projects, with relatively long periods required to secure funding, and fierce price competition is in full swing. But there has been a slight increase in renovation projects in schools, hospitals, enterprises, and institutions.