(Dow Jones) South Korea's Daewoo Motor Corp. has agreed to sell its engine factory business in Yantai, China, to General Motors Corp.'s China unit. Daewoo Motor is a remaining company from the bankrupt Daewoo Group, and it now exists only to oversee the sale of the company's overseas units. The purchase price is reportedly US$60-70 million and includes the factory's assets and liabilities. Daewoo Automotive Engines was jointly established with Sahndong Investment & Trust Corp. in 1996 and produces 300,000 engines annually.