(Yicai Global) Nov. 13 -- Hafei Automobile Industry Group aims to sell its 38 percent stake in an indebted car-making unit called Hafei Motor while takers may be few and far between, according to market insiders.

Hafei Motor's notice of equity transfer regarding over 380.5 million shares can now be turned into a transaction, Chongqing United Assets and Equity Exchange reported on its website.

The Harbin-based unit's debt has exceeded 80 times its assets, the transfer information shows. The company's debt has reached to CNY7.7 billion (USD1.1 billion), while its assets were only CNY95.4 million (USD13.7 million).

Hafei Motor can be said to have nothing now, it's hard for it to find a taker of the equity transfer, The Beijing News quoted industry insiders as saying.

Sales of the car firm, known for its boxy minivans, started to decline in 2013. The company's losses were CNY43.4 million last year, but belt-tightening may be over as the firm became profitable in the first three quarters of this year with CNY11.3 million in net gains.

Hafei Motor owes money to Chang'an Automobile's affiliate Dongan Auto Engine, and they agreed in August that the cash-strapped firm can offset some of the debt by offering its assets related to car parts and kinetic energy.

Editor: Emmi Laine