GM says Asia ops sound, financially self-sufficient

* GM China sales up 34 percent from January-May year-on-year

* GM Daewoo to be part of "New GM"

* GM Asia-Pacific sales in May up 44 percent to record

* GM Asia-Pacific market share grew 1.9 points in May

By Fang Yan and Cheon Jong-woo

SHANGHAI/SEOUL, June 1 (Reuters) - General Motors Corp (GM.N) said on Monday its Asia-Pacific operations would continue operating as a financially self-sufficient entity of a reborn GM, with plans to keep expanding its sales and market share.

Despite GM's well-flagged bankruptcy filing on Monday, GM's Asia-Pacific sales in May grew 44 percent to an all-time record, GM said. That gave GM a market share of 9.1 percent in the Asia-Pacific region, up 1.9 percentage points from a year earlier, regional chief Nick Reilly said. [ID:nN01398575]

For the year to date, GM's market share in the region grew 1.4 points to 8.4 percent, he said.

Much of the growth has come in China, now the world's biggest auto market, where GM has enjoyed market-beating expansion thanks to its popular small cars and minivans. [ID:nSHA281139]

"GM has a specific development plan in China for the next five years that demonstrates our great confidence in the country," Kevin Wale, president of GM China Group, said in a statement.

GM sales in China grew 34 percent in January-May from the same period a year ago, it said. It did not provide a sales volume for China or other regions.

Shanghai-listed SAIC Motor Corp (600104.SS), China's biggest automaker and GM's local partner, said separately that its joint ventures with GM would not be affected by the bankruptcy proceedings.

SAIC runs several ventures with GM in the country, including a car manufacturing venture in Shanghai and a commercial vehicle tie-up in south China.

In South Korea, local unit GM Daewoo Auto & Technology also said it would continue to develop new cars including GM's planned global new mini and small car.

"Along with the launch of the 'New GM', GM Daewoo will play an important role in the new company's global business strategy," GM Daewoo president and chief executive Michael Grimaldi said in a statement.

All of GM Daewoo's South Korean operations and overseas subsidiaries such as a production unit in Vietnam, the Chevrolet-Europe sales unit and GM Korea would become part of the new GM, it said.

For an auto industry TAKE-A-LOOK click on [ID:nCARS1] (Additional reporting and writing by Chang-Ran Kim in Tokyo; Editing by Dan Lalor)