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Bankrupt Mingde lowers assets auction price on Taobao

Bankrupt Mingde lowers assets auction price on Taobao
Bankrupt Nantong Mingde Heavy Industry will hold a second online auction for its assets on China’s largest online retail platform Taobao, and lower its starting bid price by 21% due to a lack of buying interests.

The troubled Chinese shipyard will auction its assets for this second round at a starting bid price of RMB1.27bn ($195.7m), down from its first online auction starting bid price of RMB1.59bn held from 31 December 2015.

Some of the assets on sales include the Mingde’s land use rights, property, construction equipment, raw materials, machinery, vehicles, electronics and office equipment, and one shipyard dock and two piers.

The second online auction will start on the 20 January at 10am local time and end 24 hours later on 21 January.

On 31 July 2015, Mingde applied for bankruptcy to Nantong’s Tongzhou District People’s Court after it failed to attract new investors and did not submit its restructuring plan.