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Court auctions slow as banks deny lending

By Cang Wei in Nanjing and Yan Yiqi in Hangzhou | China Daily | Updated: 2014-02-22 07:25

Online auctions by courts of seized properties and belongings are failing in Nanjing as banks refuse to give successful bidders the funds required to seal deals.

According to Nanjing Intermediate People's Court, only one item of seized property, a BMW sedan, was sold at a recent auction. Another three items, a car and two apartments, saw few bids.

"The most important reason is the lump-sum payment," said a judge surnamed Nai from Xuanwu district court. "According to the judicial auction regulations, the money needs to be paid within 20 days, but not too many people can pay several million yuan in one go."

Court auctions slow as banks deny lending

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