Top Chinese automaker SAIC Motor Corp might continue to slash its holdings in troubled South Korean carmaker Ssangyong Motor, the China Business News said on Thursday.
SAIC, which now holds 3.79 percent of Ssangyong, will not rule out cutting down its stake further via the stock market, an unnamed SAIC executive was quoted as saying by the newspaper.
Ssangyong, which was once 51.3 percent controlled by SAIC, applied for court receivership in South Korea in late 2009.
A Seoul court kicked off the sale process for the cash-strapped SUV maker in May and had planned to pick a preferred buyer during August.
France's Renault SA, Nissan Motor Co, Mahindra & Mahindra are among the bidders.
