To secure desired air-conditioning capacity in both low load and high load in a refrigerating cycle comprising a plurality of heat exchangers.

The refrigerating cycle comprises a compressor 10, a first heat exchanger 20, a second heat exchanger 30 smaller in condensing capacity than the first heat exchanger, a liquid receiver 25, an expansion valve 35 and an evaporator 40. The refrigerating cycle can be switched into three modes by switching a refrigerant passage which connects the first heat exchanger, the second heat exchanger, the liquid receiver, the expansion valve, and the like. In normal operation, the first heat exchanger is operated as a condenser, and the second heat exchanger is operated as a supercooler. In high load, both the first heat exchanger and second heat exchanger are operated as condensers. In low load, only the second heat exchanger is operated as the condenser.