SAIC favours 1 pct shr sale in GM JV while keeping revenues -sources

Newswire

By Fang Yan and Ken Wills BEIJING, Sept 1 (Reuters) - SAIC Motor Corp is ready to give up its majority ownership in a car venture with General Motors as long as Shanghai GM's revenue can still be included in its books, two people familiar with the matter said on Thursday. Under Chinese accounting rules that came into effect in 2010, a subsidiary's revenue can be reflected in the books of the parent only if the parent is the majority shareholder. That means that if SAIC, now with a 51 ...

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