Hisense Kelon Electrical Holdings Co (000921.SZ), a producer of low- to medium-end white goods, said Friday it would team up with Whirlpool Hong Kong to set up an equal stakes joint venture to move into the high-end white goods market, China Business News reported. The proposal has been submitted to Hisense Kelon’s board for approval. The joint venture, to be based in Changxing, in eastern China’s Zhejiang province, and named Hisense Whirlpool Zhejiang Electrical Appliances Co, will have an initial 50-year term. It will have US$64.24 million (RMB450 million) in registered capital but will require a total investment of US$1.28 billion (RMB9 billion). Zhou Xiaotian, vice president of Hisense Kelon, told the newspaper that the joint venture would mainly produce hi-tech washing machines and refrigerators for domestic sale. Whirpool Hong Kong is a subsidiary of the world's largest home appliance maker, US-based Whirpool Corp (WHR.NY). Whirlpool has more than 25 R&D centers around the world, including technology centers in Beijing, Shanghai and Shunde. Hisense has overseas R&D centers in Europe, South Africa and the United States, as well as domestic research centers in Qingdao, Beijing, Shunde and Shenzhen.