Surprise transactions are nothing new in the turbulent U.S. auto industry. But one of the more unique is the announcement General Motors has agreed to sell its Hummer SUV brand to Sichuan Tengzhong Heavy Industrial Machinery in China. Pending regulatory review and approval in China and the United States, the pending deal marks the first time a Chinese buyer has acquired a distressed asset from the American auto industry.

Financial terms were not disclosed, but automotive industry experts believe the Hummer brand
would be valued at about $150,000.

According to Reuters, Lumena Resources Corp chairman and founder Suolang Duoji would hold 20 percent of the investment vehicle buying Hummer.

Tengzhong would hold the remaining 80 percent.

The Hummer sale is part of a drastic restructuring plan by GM, which also involves the disposal of its Saab, Opel and Saturn operations as part of a U.S. government-sponsored restructuring.

Tengzhong, a little known heavy machinery maker, has been in detailed negotiations with GM since it announced an initial plan in June to acquire the premium off-road Hummer brand.

Through September, Hummer's U.S. sales were down 64 percent this year.

The brand's sales peaked in 2006 but have been hit hard since by higher gas prices and a shift in U.S. consumer tastes away from Hummer's heavy-duty SUVs and its military-derived styling.