Beijing Automotive Industry Holding Corp (BAIC) has acquired the intellectual property rights to Saab’s older generation 9-5 and 9-3 platforms.
Under the agreement, BAIC would gain access to the equipment needed to make the models and will also receive support from Saab to help develop the Chinese brand’s own models.
In a statement BAIC said: "The deal is an important milestone in BAIC's cooperation with Saab.
"It has also laid a fairly good foundation for the two sides to further explore win-win cooperation."
Saab still retains the rights to its current model line-up and the amount of cash raised from the deal has not been revealed.
The future of Saab is still in doubt as the company runs out of time to find financial support to allow it to continue.
Koenigsegg, the Swedish sportscar maker, pulled out of a deal to rescue Saab at the end of November.