June 6 (NBD) -- Gree Electric Appliances Inc of Zhuhai ("Gree", 000651.SZ) plans to lift the amount of daily related-party transactions with Shanghai Highly Group Co Ltd ("Shanghai Highly", 600619.SH) for the year of 2018 to 8 billion yuan (1.2 billion U.S. dollars), the company said in an announcement Tuesday. 

The amount, rising 220 percent from the figure disclosed in April, will make up 12.2 percent of the company's recent audited net asset value. 

Gree said the adjustment is made to support the company's normal operation and to strengthen the synergic effect with related parties. 

In September 2017, the household appliance maker announced it has bought a 5 percent stake in Shanghai Highly. It also said at that time it did not rule out the possibility to further increase shareholdings in the Shanghai-based company within 12 months.

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