By Nathan Allen 
 

BMW AG (BMW.XE) said Friday that shareholders in Hong Kong voted in favor of the group's proposal to increase its stake in the BMW Brilliance Automotive joint venture in China.

BMW said in October that it wanted to increase its ownership of the JV to 75% from 50%, following the relaxation of restrictions on foreign-ownership of China-based companies.

The stake increase is set to complete in 2022, when China fully lifts the requirement for auto makers in the country to operate as part of a joint venture with a local partner.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

January 18, 2019 03:09 ET (08:09 GMT)