One Down Many To Go - Chinese Carmaker Buys British Collapsed MG Rover

LONDON, July 22 (Xinhuanet) -- Chinese carmaker, Nanjing Automotive, has bought the ownership of Britain's collapsed carmaker MG Rover for an unknown sum after a three-way bidding battle over the past months, the Sky TV reported on Friday.

"Nanjing will now begin to take control of the assets and develop its plans for the future," said Price Waterhouse Coopers (PwC), which took over the administration of Rover when the automaker filed for bankruptcy in April.

Nanjing Automobile, China's oldest carmaker, was founded in 1947 in Jiangsu Province, east China. It produced 600,000 vehicles last year.

The Nanjing Automobile secured the deal after beating two other competitors over the sale of all or part of MG rover, Chinese Shanghai Automotive Industry Corporation and British businessman David James.