A Chinese company has purchased a majority stake in South Korea's fourth-largest automaker, Ssangyong Motor.

A final contract for Shanghai Automotive Industry Corp. to purchase a 48.9 percent stake in Ssangyong from the automaker's creditors was signed Thursday.

Ssangyong has been up for sale since 1999, when creditors took control of the debt-ridden company after the collapse of its parent, Daewoo Group.

Shanghai Automotive has two major joint ventures in China with auto giants, General Motors and Volkswagen.

Some information for this story provided by AFP.