Beijing Automotive Industry Holding Corp. (BAIC) announced Monday it will purchase assets from General Motors’ Saab unit for an undisclosed sum, Reuters reported. China’s fifth-largest car maker said the acquisition of the intellectual property rights and equipment to make older-model 9-3 and 9-5 sedans will ultimately help it make its own cars. The purchase will provide partial financing for the sale of Saab as a whole and "the deal with Beijing in no way compromises the sale of Saab to a new owner," a Saab spokesperson said. Luxury auto maker Spyker has expressed an interest in purchasing Saab and said that the BAIC deal is good news.