Courts going online to sell seized assets
Print Edition
Chinese courts are going online to dispose of assets seized in lawsuits.
Nearly 700 courts in 21 provincial areas had registered accounts on sf.taobao.com, the nation’s largest online site for judicial auctions, as of last month. So far, nearly 90,000 auctions have been held.
In November, an auction of real estate seized by a court in Jiangsu set an sf.taobao.com record after reaching 350 million yuan (US$55.8 million).
There has been criticism over transparency when courts dispose of seized assets. Often transaction prices are far below the actual value of items being auctioned, with court workers and auction agents sometimes suspected of under-the-table deals to rig auctions in their favor.
Chu Hongjun, vice president of Jiangsu Provincial Higher People’s Court, said online auctions are more transparent than traditional judicial auctions and can attract more bidders and deter corruption.
With no commission required and a higher auction rate and premium rate, online auctions can help solve difficulties in enforcing verdicts and maximize the interests of creditors and debtors, Chu said.
So far, all the courts in Beijing and Zhejiang, Jiangsu, Henan, Fujian, and Guizhou provinces have opened accounts on Taobao.com and pilot auctions have been launched for courts in 15 other provinces, including Guangdong, Yunnan and Sichuan.
On February 26, the Supreme People’s Court issued a blueprint that said judicial auctions should be increased with the focus on doing so online.
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