HONG KONG — General Electric said on Friday that it had agreed to sell its appliances business to Qingdao Haier of China for $5.4 billion in cash.

The deal includes the stake of 48.4 percent that G.E. Appliances owns in Mabe, a Mexican appliances company.

The Chinese appliances company, which had revenue of about $32.6 billion in 2014, snapped up the appliances unit after a G.E. deal with Electrolux of Sweden worth $3.3 billion fell apart last year. General Electric abandoned that deal after the United States Justice Department sued to block it because of antitrust concerns. G.E. has tried to sell the unit twice before as part of its efforts to focus on its core industrial businesses.

“G.E. Appliances is performing well, and there was significant interest from potential buyers, helping drive a good deal which will benefit our investors, customers and employees,” Jeffrey R. Immelt, G.E.’s chairman and chief executive, said in a news release. “Haier has a stated focus to grow in the U.S., build their manufacturing presence here, and to invest further in the business,” Mr. Immelt added.