(Yicai) July 30 -- A bankrupt joint venture between China's GAC Group and Dutch Stellantis is striving to sell its plant in central China for the second time with a discount of CNY383 million (USD52.7 million).

The starting price of GAC Fiat Chrysler Automobiles' Changsha facility, which includes buildings, machinery, and equipment, is CNY1.5 billion (USD206.6 million), according to information disclosed by JD.Com’s platform for judicial auctions today. The event will take place on Aug. 5.

The previous attempt to sell the facility that closed two years ago was on July 20 with a starting price of CNY1.9 billion, attracting no bidders.

The proceeds coming from a potential sale would be used to repay creditors. Beijing-based Yingke Law Firm, GAC FAC's bankruptcy administrator chosen by a local court, has control of the Changsha facility after the two shareholders fell out over equity disagreements.

In July 2022, the owner of brands Jeep, Chrysler, and Fiat said it would terminate the JV due to failed negotiations with Guangzhou-based GAC to purchase a majority stake in the JV. Both parties held half of the shares at the time.

The plant used to make Jeep cars for the Chinese market. After the closure, the European company said it would continue selling imported Jeeps in China.

Another factory of GAC FAC in Guangzhou was taken over by the Chinese partner to make models of GAC's electric vehicle brand Aion.

Sales of GAC FAC had been poor for years. In the first half of 2022, the JV produced around 820 vehicles and sold 1,860 units, down 89 percent and 84 percent from a year earlier, according to data disclosed by GAC.

Editors: Dou Shicong, Emmi Laine