UPDATE 1-China rejects Tengzhong's Hummer bid -source


* Two sides may still try to salvage a deal -source * Offshore vehicle possible alternative to buy Hummer -source (Adds details, background) By Jiu Chakravorty and Fang Yan NEW YORK/SHANGHAI, Feb 24 (Reuters) - Beijing has rejected a bid by an obscure Chinese industrial equipment maker to buy GM's [GM.UL] money-losing Hummer brand, dealing a possible death blow to the controversial deal as both sides race to salvage it. Sichuan Tengzhong Heavy Industrial Machinery Co, based in ...

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