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Haima's compact crossover
 
Haima to sell properties to raise funds
Reuters | 2019/5/21

BEIJING -- Haima Automotive Group Co. plans to sell more than 400 units of real estate to revitalize its corporate assets and boost liquidity, stock exchange filings showed.

The unusual sale of property is another sign of struggles faced by small and midsize automobile manufacturers as sales drop in the world's largest auto market.

The net total value of the assets, ranging from flats in Shanghai to shops in Haikou, will be 28.27 million yuan ($4.09 million), the Hainan Island carmaker said in two recent stock exchange filings.

Haima reported a 72 percent plunge in sales in the first four months of the year, following a 48 percent decline in 2018 revenue.

While overall auto sales are declining, Toyota Motor Corp. reported a nearly 20 percent jump in growth last month with the help of revamped Toyota and Lexus models.

Conversely, SAIC Motor Corp., a Chinese partner of Volkswagen AG and General Motors Co., said its group sales dropped 17 percent last month.

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