China ##feng Automotive is in preliminary talks to acquire a stake in Baoxin Auto Group , China 's largest dealer group of BMW AG , amid a slowdown in new vehicle offerings in the China 's automotive market . China Grand Automotive will pay a refundable HK$50 m ( $ 6.45 m ) in cash to Baoxin . Both companies have experienced a drop in net income for 1H2015 .
China Grand Automotive is in preliminary talks to buy a stake in Baoxin Auto Group, China's largest dealer group of BMW AG, amid a slowdown in new car sales in the China's vehicle market. China Grand Automotive will pay a refundable HK$50m ($6.45m) in cash to Baoxin. Both companies have experienced a drop in net income for 1H2015.