The newly expanded refrigerator, freezer, and air conditioner manufacturer was renamed Haier
Group in 1992. The same year Haier acquired 500 acres of Qingdao land for a new industrial park to
house corporate headquarters and the bulk of the firm’s factories and subsidiaries. The land cost
RMB 80 million and construction costs were estimated to exceed RMB 1 billion, while Haier’s 1992
profits were just RMB 51 million.