The company will manufacture the car in China and only for the Chinese market initially and base it on another 5-series variation that is only available in China as well: The long-wheel base 535 Li, which is stretched by 5.5 inches compared to the regular 5.
BMW said the 5-series hybrid will be BMW's eCar from China for China (yes, that sounds a bit tacky). It will include an updated drivetrain that is known from the Active Hybrid 7 and may have a 40 kW electric motor. Aimed clearly at a higher end of the automotive market you could either be upset that you can get the 5 series here (for now) or happy - since there aren't many cars sold in this segment anyway and the coming BMW i3 and i8 cars may be much more attractive anyway.
However, we would be lying if we said we don't want to get our hands on a larger 5-series hybrid as well.