China Grand Automotive is in preliminary talks to buy a stake in BMW AG, China's largest dealer group of Baoxin Auto Group, 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.
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.