Pangda Automobile Trade to sell 22 properties image

China’s Pang Da Automobile Trade plans to sell a property management company to Jidong Material Trading for 175 million yuan, reports yicai.com, citing a company filing.

According to the same source, the transaction involves the transfer of 22 properties with defects in Beijing and Shaanxi province.

The company will rent all the 22 properties after the transaction will be over. The rental fee will increase at a rate of 10 percent per year.

Pang Da last week said it has dropped its takeover bid for the Swedish carmaker, which filed for bankruptcy, according to its statement on the Shanghai Stock Exchange.

The company said in the statement that it would follow relevant procedures to try and retrieve the 45 million euro ($59 million) advance it had given to Saab, but warned that it may not be successful.

As late as early December, Pang Da was optimistic about a rescue, saying it was still in talkswith various parties including Saab on plans to invest in the firm.

Shares of Pang Da Automobile Trade Co tumbled 7.4 percent last week on concerns that the company’s failed bid for Saab Automobile AB may cause great losses.