China's Beijing Automotive Industry Holding Corp (BAIC) said on Monday it had acquired some assets of General Motors' Saab unit.

Under the agreement, state-run BAIC would take over intellectual property for Saab's 9-5 and 9-3 platforms, and some equipment to make these models.

"The deal is an important milestone in BAIC's cooperation with Saab. It has also laid a fairly good foundation for the two sides to further explore a win-win cooperation," BAIC said in a statement.

BAIC will get support from Saab as it uses the acquired technologies to manufacture its own-brand models, it added.

BAIC, China's fifth-largest automaker, is joining Geely Automobile group and others in chasing Western brands to take advantage of a steep global industry downturn.

In the statement, BAIC did not disclose the size of the Saab deal. Sources said last week BAIC had obtained a 20-billion-yuan ($2.93 billion) line of credit from the Bank of China. ($1=6.828 Yuan)