The latest figures from China's Ministry of Commerce show that as of the end of November 2011, the government-sponsored "Rural Appliance" home electronics subsidy program had sold 96.35 mln appliances, up 43.6% YoY, worth RMB 245.6 bln this year, up 63.7% YoY. For the month of November, 11.15 mln units were sold, up 44.1% YoY, worth RMB 29.8 bln, up 65.8% YoY. Sales were highest in Shandong, Henan, and Sichuan, each exceeding RMB 3 bln. Sales of TV sets were up more than 40% YoY, together with refrigerators, hot water heaters, and air conditioners accounting for 81.5% of total sales volume. Consumer electronics manufacturer Changhong (600839.SH) and laptop, PC, and handset manufacturer Lenovo (0992.HK) saw the highest growth, exceeding 100% YoY.
As of November 30, 2011, 2.1 bln appliances had been sold since the program began in June 2009 for total revenues of RMB 487.4 bln, with RMB 55.6 bln in subsidies distributed.