Cash-strapped Chinese automaker Haima sells properties to raise funds

Reuters | May 17, 2019 at 10:02 AM
  • China’s Haima Automotive Group Co Ltd said the company planned to sell over 400 units of real estate to revitalise its corporate assets and boost liquidity, stock exchange filings showed.
  • The unusual property sell-off is another sign of struggles faced by small- and mid-sized automobile manufacturers as car sales dropped in the world’s largest auto market.
  • Haima reported a 72% plunge in sales in the first four months of this year, following a 48% dive in 2018 revenue.