Source: China Daily

Haier Group, China's consumer electronics and home appliances giant, signed an agreement to build its internet of things (IoT) base in Wuxi National Hi-tech district on May 10 in the presence of Lou Qinjian, Party secretary of Jiangsu province.

With a total investment of 5 billion yuan ($784.93 million), the base will be an instrumental player in Haier's IoT-based business model.

Focusing on Haier washing machines applying IoT technologies, the project will be developed into a world-class IoT demonstration base.

Bringing its "Internet of washing machines" ecosphere to Wuxi, the company aims to attract more clothing producers and IoT service providers.

The project will also help to expand Haier's business operations and form its strategic layout in Jiangsu as well as facilitating the transformation and upgrading of the regional economy.

"Jiangsu provincial government will support the project and help promote the development of IoT industry in China", said Lou, expressing his expectations for the project.