China auctioning bankrupt state owned assets..........................
chinanews.com
Liaoning auctions state firms
(04/November/1997)
Shenyang, November 4 (CNS) --- Zhuanghe Municipal
Government auctioned 59 small and medium enterprises last
week in Shenyang, capital of Liaoning Province,
northeastern China.
This is the first time ailing state companies have been
auctioned in the province.
At the time a decision was made to sell off failing enterprises,
there were 329 state companies in Zhuanghe, of which 210
were considered in need of restructuring, either by floatation,
merger, outright sale, or by the temporary transfer of
operating rights.
It is reported that bidders were free to bid for one or more of
the 59 companies on an equal basis. The sale would go to
the highest bidder, subject only to the minimum price.
More than 600 business investors from the USA, Germany,
South Korea, Singapore, Taiwan, Hong Kong, and other
mainland cities, were present. The auctions already produced
two sales of RMB5.5m and RMB4m with provisional
agreement on 20 other enterprises.
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CNS 1104-02 |
