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The China Great Wall Assets Management Company has announced that the largest auction of non-performing assets in China's auction history will be held from December 15-22.
The company has so far prepared 240 items with a combined valueof 3.133 billion yuan (377 million U.S. dollars) for the upcoming event. These items cover creditors' assets, stockholders' assets, real estate, machinery and equipment, traffic vehicles and durableconsumer goods.
Sources with the company say that 40 percent of these items arein the economically-developed coastal areas with 85 percent in medium-sized and big cities. The auction will be held in differentplaces around the country, sources add.
To date, the company has run 334 auctions involving 835 items with an estimated value of 445 million yuan (53.61 million U.S. dollars).
(People's Daily November 15, 2001)
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