(Yicai Global) May 16 -- Troubled Chinese carmaker Haima Automobile will  resort to selling off property assets in an effort to avoid delisting  from the country's stock market.

The Haikou-based firm will put 284 properties originally valued at CNY30.9  million (USD4.5 million) under the hammer to activate stock assets,  according to a statement. The move brings the total for divestment to  401 real estate assets.

The firm's net loss widened by close to two-thirds to CNY1.6 billion (USD235  million) last year. Haima confirmed the receipt of a delisting risk  warning from regulators on April 22 for running up two consecutive years  of deficits. Its daily stock price fluctuations have also been  restricted to 5 percent.

The firm, which expects to make a loss of between CNY30 million and CNY45  million for the first quarter, initially put 117 idle properties worth  CNY33.9 million up for auction late last month.

In accordance with Chinese regulations, the company will cease trading  temporarily if it falls into the red again this year. It will then stop  trading permanently if it fails to turn around the situation within six  months.

Editor: William Clegg