Communications bank to auction assets
(Xinhua)
Updated: 2005-08-07 09:04

The Bank of Communications in China will put 1.2 billion yuan (US$150 million) of mortgage assets on auction in 30 Chinese cities from mid August, according to an official with the Shanghai International Commodity Auction Corporation.

It's the third time for the bank to treat mortgage assets around the country by means of evaluation, auction and monitoring of the whole process.

Fan Ganping, vice president of the Shanghai International Commodity Auction Corporation, which will undertake the auction task, said that the auction will hit its record regarding number of cities covered and the heavy workload for the banking staff.

The mortgage assets, divided into 318 categories, with US$150 million of book value, are distributed in nearly 30 cities of seven Chinese provinces and municipalities, including Heilongjiang, Jilin, Liaoning, Guangdong, Sichuan, Chongqing and Beijing.

With real estate as its majority, the mortgage assets encompass office buildings, hotels, workshops, storehouses, villas, garages and shops.

Fan said that some of the mortgage assets have geographic priority, and may provide commercial opportunities for investors.