By Yifan Wang
Zhongsheng Group Holdings has agreed to acquire eight Chinese companies that own several Mercedes-Benz and Jaguar Land Rover dealerships for 720 million yuan ($102.9 million).
The 4S dealerships are located across China, including in the southern province of Yunnan and the eastern province of Jiangsu, Zhongsheng in a stock-exchange filing Friday.
The eight companies also own three land parcels in China with a total area of 25,300 square metres, the Hong Kong-listed luxury-car dealer said.
Zhongsheng believes the deal will strengthen its brand portfolio of luxury automobiles, expand its sales networks and increase its operational scale.
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