Chinese developer Greenland Holding Group Company Ltd will pay HK$1.5 billion ($193 million) for a controlling stake in luxury auto dealer China Rundong Auto Group Ltd, the latter said in a stock exchange filing in Hong Kong on Sunday.

Rundong Auto, backed by US private equity firm KKR & Co LP, said it will sell a 46 percent controlling stake to Greenland and change its name to China Greenland Rundong Auto Group Limited.

The car dealership company is based in China's eastern Jiangsu province and operates more than 50 dealerships, featuring brands such as BMW and Land Rover.

Rundong Auto's shares will resume trading on Monday, the company said, having been suspended since April 17.