GM to write down value of China business by more than $5bn

Automaker is restructuring in China after losing about $350m in the region in the first three quarters of this year

General Motors told shareholders on Wednesday that it would write down the value of its China business by more than $5bn.

The company's board of directors determined that the non-cash charges were necessary in light of the finalization of a new business forecast and certain restructuring actions" with the joint venture, according to a company filing.