100,000 drawn to courts' first online auction
By Dong Zhen |
July 10, 2012, Tuesday
|
Print Edition
Print Edition
MORE than 100,000 online bidders were attracted yesterday to open online auctions of two vehicles held by two courts in east China's Zhejiang Province on the country's biggest e-shopping platform taobao.com.
It was the first time for Chinese courts to hold judicial sales on an open online retailing platform. Courts usually authorize auction agents to sell debtors' assets at designated venues.
But courts across the country are now encouraged by national authorities to adopt a third-party e-trade platform to ensure auctions are done with transparency and fairness.
Beilun District People's Court in Ningbo City was selling a black BMW 730 while Yinzhou District People's Court, also in Ningbo, was selling a Mitsubishi Outlander SUV.
The second-hand vehicles had been used for five to six years and were in a sound physical condition, according to the photos and descriptions posted by the courts in an online auction shop.
More than 100,000 potential customers were drawn to participate in the bidding. Bidding was faster for the BMW, and by late yesterday afternoon, the highest bidding price for the German sedan rose to 323,900 yuan (US$50,829) from its starting price of 199,900 yuan. Bidding for the Outlander started at 50,000 yuan and had reached 59,000 yuan.
Bidding began yesterday morning and was to close late yesterday evening.
Legal system insiders said the new practice would ensure more fairness. In regular judicial sales, many auctioned properties are thought to be undervalued and sold to people with connections to the auction houses.
Lower auction prices harm the interests of debtors who are in need of the proceeds to cover their debts.
Cai Yuli, an official with taobao.com, said potential bidders are cut off from contact with the crew operating the auctions online for fairness.
Bidders have to submit a hefty deposit, 50,000 yuan for the BMW and 10,000 yuan for the Outlander, and also have their identities verified before being allowed to attend the auction.
The two courts said they will hold other online judicial sales on taobao for real estate, machines and other properties after the initial trial.
It was the first time for Chinese courts to hold judicial sales on an open online retailing platform. Courts usually authorize auction agents to sell debtors' assets at designated venues.
But courts across the country are now encouraged by national authorities to adopt a third-party e-trade platform to ensure auctions are done with transparency and fairness.
Beilun District People's Court in Ningbo City was selling a black BMW 730 while Yinzhou District People's Court, also in Ningbo, was selling a Mitsubishi Outlander SUV.
The second-hand vehicles had been used for five to six years and were in a sound physical condition, according to the photos and descriptions posted by the courts in an online auction shop.
More than 100,000 potential customers were drawn to participate in the bidding. Bidding was faster for the BMW, and by late yesterday afternoon, the highest bidding price for the German sedan rose to 323,900 yuan (US$50,829) from its starting price of 199,900 yuan. Bidding for the Outlander started at 50,000 yuan and had reached 59,000 yuan.
Bidding began yesterday morning and was to close late yesterday evening.
Legal system insiders said the new practice would ensure more fairness. In regular judicial sales, many auctioned properties are thought to be undervalued and sold to people with connections to the auction houses.
Lower auction prices harm the interests of debtors who are in need of the proceeds to cover their debts.
Cai Yuli, an official with taobao.com, said potential bidders are cut off from contact with the crew operating the auctions online for fairness.
Bidders have to submit a hefty deposit, 50,000 yuan for the BMW and 10,000 yuan for the Outlander, and also have their identities verified before being allowed to attend the auction.
The two courts said they will hold other online judicial sales on taobao for real estate, machines and other properties after the initial trial.
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