By Joanne Chiu 
 

Dah Chong Hong Holdings Ltd. (1828.HK) has agreed to pay 920.8 million yuan ($136.0 million) to buy companies that sell Mercedes-Benz and Audi cars in China, as it seeks to boost its car-dealership network in the country.

The Hong Kong-listed trading and distribution firm said Friday that it will pay CNY807.68 million for companies that operate two Mercedes-Benz dealerships in Zhejiang's cities of Cixi and Ninghai and rights to open three more new Mercedes-Benz dealerships in the cities of Yuyao, Fenghua and Cixi in the province.

It said it also plans to pay CNY113.12 million for an Audi car dealer in Cixi city.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

July 21, 2017 00:52 ET (04:52 GMT)