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Shanghai Automotive says it never mentioned buying MG Rover

This, from the Chinese Media, seems to be the nub of the current debate.

The plan from China was not that SAIC would buy MG Rover, but that there would be a joint venture.

The problem for the Chinese was the stability of MG Rover (because if you have a joint venture with someone who goes bust then you have the problem that either the joint venture goes under and you lost the funds invested or you have to support the other partner.

That is why a stable partner is needed.

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