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Small county's sweetheart deal with 1 appraiser
By Xinhuanet |
June 4, 2012, Monday
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Print Edition
Print Edition
SEE how a government called all the shots in a market economy.
It was reported recently that the housing authorities of Yuexi County in eastern China's Anhui Province had hand-picked a local asset appraisal firm as the only "judge" of asset value - literally excluding other appraisers from fair competition.
The story was simple: an investment company in Anhui wanted to borrow from banks by mortgaging its properties in Yuexi County.
For that purpose, the investment company had done a standard asset appraisal report, but the county housing authorities rejected it, saying the job must be done by a local asset appraisal firm.
The investment company had no choice but to obey the administrative order, shelling out additional fees to redo the appraisal report. But much to its dismay, the local appraisal firm took the fees and did nothing - it still used the older appraisal report!
In fact, no housing authorities are allowed to choose an asset appraisal firm. That the housing authorities in Yuexi County dared challenge the rules speaks volumes about how difficult it could be to promote rule of law.
It was reported recently that the housing authorities of Yuexi County in eastern China's Anhui Province had hand-picked a local asset appraisal firm as the only "judge" of asset value - literally excluding other appraisers from fair competition.
The story was simple: an investment company in Anhui wanted to borrow from banks by mortgaging its properties in Yuexi County.
For that purpose, the investment company had done a standard asset appraisal report, but the county housing authorities rejected it, saying the job must be done by a local asset appraisal firm.
The investment company had no choice but to obey the administrative order, shelling out additional fees to redo the appraisal report. But much to its dismay, the local appraisal firm took the fees and did nothing - it still used the older appraisal report!
In fact, no housing authorities are allowed to choose an asset appraisal firm. That the housing authorities in Yuexi County dared challenge the rules speaks volumes about how difficult it could be to promote rule of law.
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