China's 1st online land auction nets 159 mln yuan
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E-mail CRI, March 31, 2013
China's first online judicial auction of land use rights netted 159 million yuan on Saturday.
The auction items included a 117,000-square-meter plot, a 62,000-square-meter plant building and the attached facilities of a bankrupt state-owned enterprise in the city of Haining in east China's Zhejiang Province.
The land auctioned belonged to a leather enterprise based in Haining, which was forced to file for bankruptcy last May due to unpaid debts.
After four rounds of bidding between two buyers, the land was sold for 4 million yuan higher than the starting price.
The online auction for land use rights has triggered a controversy over whether land can be purchased online.
But Mao Yidong, leader of the discipline inspection group at the Haining People's Court, said China's law allows the people's court to dispose assets and conduct judicial auctions.
"According to the No. 224 clause in the Civil Procedure Law, if the party subjected to execution can't fulfill his obligations, which has been recorded on legal documents, the People's Court is entitled to seize, detain, freeze, auction or sell off its part of the relevant properties."
In China, land use rights usually include 70 years for residential use and 50 years for industrial use.
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