SAIC 'ready' to pare stake in GM unit

Shanghai automaker wants joint venture's revenue to stay on books

BEIJING - SAIC Motor Corp is ready to give up its majority ownership in a car venture with General Motors Co (GM) as long as Shanghai GM's revenue can still be included in its books, two people familiar with the matter said on Thursday.

Under Chinese accounting rules that came into effect in 2010, a subsidiary's revenue can be reflected in the books of the parent only if the parent is the majority shareholder.