Jardine Strategic Holdings (J37.SGX) agreed to buy a 20% stake in Chinese luxury car dealer Zhongsheng Group Holdings (0881.HKG), Bloomberg reported, citing a statement by the company. Jardine Strategic, which owns hotels and convenience stores around Asia, aims to profit from rising luxury demand by investing about US$722 million in Beijing-based Zhongsheng, a distributor of premium auto brands including Mercedes-Benz, Audi and Porsche. The Chinese company will use the funds to expand the number of sales outlets in the country.
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