China's largest car dealer Pangda Automobile Trade Co Ltd said that it has signed an agreement with Japan's Fuji Heavy Industries Ltd, the maker of Subaru cars, to form a sales joint venture in China, with a total investment of 8.25 billion yen ($91.79 million).

The venture, Subaru Automobile (China) Ltd — 60 percent owned by Fuji Heavy and 40 percent held by Pangda — will sell imported Subaru cars in the Chinese market.

Subaru Automobile (China) Ltd was originally a fully owned branch set up by Fuji Heavy with a registered capital of 600 million yen.