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Some assets of General Motors' Swedish Saab unit will be acquired by Beijing Automotive Industry Holding Corp (BAIC), China's fifth-largest automaker, BAIC announced in a press release Monday.

Technology and production equipment for three Saab platforms, including the 9-5 and 9-3 sedan models, were purchased by BAIC, along with intellectual property for two series of turbo engines and transmissions, according to the press release, which did not reveal the financial terms of the deal.

"The deal would offer BAIC technology it badly needs to innovate its own sports sedan brands," said Li Menghai, a senior auto analyst with TX Investment Consulting.

Saab would help BAIC, a partner of Mercedes-Benz and Korean automaker Hyundai, adopt those technologies to develop new models under BAIC's own brands, said the release.

Jan Ake Jonsson, managing director of Saab, said in another release that the deal was "excellent for both parties, now and for the future."

"We have developed a good relationship with BAIC and look forward to working with them to integrate this Saab technology into their future vehicles," Jonsson said.

Swedish sports car maker Koenigsegg Automotive had a deal with GM to buy Saab before November.

But by the end of last month Koenigsegg had pulled out and GM said that it would close Saab if the Swedish auto brand had not been purchased by the end of the year.

BAIC was not interested in the entire Saab operation in Trollhattan, Sweden, according to an earlier Reuters report, citing an anonymous BAIC executive. A recent report by Caijing magazine said BAIC has received 20 billion yuan ($2.93 billion) in loans from Bank of China.

Shanghai Automotive Industry Corporation (SAIC), a partner of GM, is hoping to get the Saab brand and other core Saab assets at a low price after the Swedish company files bankruptcy, said a Sunday report in the Beijing-based Economic Observer News, citing sources close to SAIC.

"Selling the remaining assets to Saab would be a good choice for GM," said Li of TX. "China is now the fastest-growing auto market, and the best market GM can fall upon."

China's auto sales in the first 11 months of the year broke the 11 million units mark to become the top market in the world, according to the latest data from the China Association of Automobile Manufacturers.

GM and SAIC agreed earlier this month to launch a Hong Kong-based joint venture, targeting the emerging Asian market.

Sports-car maker Spyker is still in talks to buy Saab, the Dutch company's top executive said on Sunday, according to Reuters.

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