(Yicai Global) Dec. 22 -- Beingmate Baby & Child Food Co. [SHE:002570], a milk powder giant headquartered in the eastern province of Zhejiang, plans to sell 22 properties to earn about CNY35 million (USD5.3 million) in an effort to make up for its annual losses.

The company board of directors approved the proposed sale in a meeting on Dec.20. The properties are in Beijing, Guangzhou, Shenzhen, Hangzhou, Chongqing, Wuhan, and Chengdu, with the total building area of around 3,398 square meters, said a company statement.

The total value of the properties is around CNY103 million, accounting for 3.6 percent of the company's net assets last year. The decision to sell these properties aims to vitalize its stock assets and improve the efficiency of assets, it said.

Beingmate sold seven properties in Hangzhou and Shanghai in October, earning CNY23 million. As of end-September, the net losses of the company had been nearly CNY383 million. It posted an annual net loss of CNY781 million last year.