China's Haier Electronics Group announced that it will invest initial capital of USD15 million to set up a joint venture with Home Retail Group to develop department store retail business on the Chinese mainland under the brand of Argos.

According to reports in Japanese local media, Haier Group will acquire Sanyo's white goods business from Panasonic.

The Standardization Administration of China has published nine standards for the after-sales services of home appliances, which are China's first batch of national standards in the home appliances retail service sector.

Chinese electronics and home appliances maker Qingdao Haier has published its annual financial report for 2009, stating that its operating revenue increased by 8.46% year-on-year to CNY33 billion; while its net profit increased by 49.64% to CNY1.149 billion.

According to reports in the international press Huang Guangyu, dubbed "the richest man in China", has disappeared and is being sought by the Beijing police.