General Motors is about to buy back the one percent stake in Shanghai GM joint venture in China with Shanghai Automotive Industry Corporation (SAIC) that GM previously sold during financial crisis.

The buyback of the one percent stake, which was sold at $85 million back in 2010, would allow 50-50 split in operation. Meanwhile, SAIC would maintain a 51 percent share in the sales side of the joint venture. The agreement is now awaiting government approval. Reuters reported that the buyback costs was not disclosed.

Shanghai GM is the biggest automaker in China has proved its growing sales in the country. In March, Shanghai GM sold 113,047 vehicles, a 11 percent increase from the previous year.

China is currently the world's largest auto market, surpassing United States in 2009. Last year, the car sales grew by 5.2 percent. Beijing government is imposing cap on new car registration in order to control traffic congestion.

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