GM says has no plan to sell China JV stake to SAIC

A General Motors logo is seen at a car dealership in Toronto December 12, 2008.

SHANGHAI (Reuters) - General Motors Corp (GM.N) has no plan to sell shares in its flagship carmaking joint venture with China's SAIC Motor Corp (600104.SS) to SAIC, Henry Wong, a spokesman for General Motors China, said on Friday.

Sources familiar with the discussions have told Reuters that GM held talks with SAIC Motor about selling part of its 50 percent stake in the joint venture, Shanghai General Motors Ltd, or other assets, as the U.S. automaker races to raise cash.

Shanghai GM, which makes Buick, Cadillac and Chevrolet models, is a cash cow for the Detroit automaker and one of the remaining crown jewels in its global operations.

GM has until next Tuesday to submit a new restructuring plan to the U.S. government detailing the progress it has made in cutting costs and shoring up its balance sheet, while showing it can become viable under a $13.4 billion government bailout.

(Reporting by Yan Fang; Editing by Edmund Klamann)