Zhongsheng Group Holdings has acquired 100 percent of the equity in Zung Fu China from Jardine Matheson for US$ 1.31 billion (8.4 billion yuan), US$ 14 million lower than estimated. The acquisition includes 37 stores in 18 cities in China.
Zhongsheng is now the second-largest auto dealer in China. It specializes in luxury cars, including Mercedes-Benz, Lexus, BMW, and Audi.
