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Property auction second biggest in recent years
( 2003-10-25 10:21) (China Daily)

A 40-storey building was auctioned off at 548 million yuan (US$66 million) in the Guangdong provincial capital Friay, the second-largest property auction in recent years.

The auction of Yorkpoint Plaza, with floor space of 106,976 square metres, began at 650 million yuan (US$78.13 million) but the auctioneer had to reduce the price four times before the hammer was brought down.

The buyer is a mainland company whose name was not revealed.

The biggest property auction in the province was of the 63-storey Gitic Building, which was built by the bankrupt Guangdong International Trust and Investment Corporation. It changed hands at 1.3 billion yuan (US$156.63 million) in 2001.

Yorkpoint Plaza, located in busy Yidelu in Guangzhou's Yuexiu District, had a minimum-price tag of 987 million yuan (US$118.92 million) in October 2002.

Zhang Jianfeng, general manager of Guangzhou Juntong Company which organized the public auction, said all the money raised from the auction would be used to repay debts.

Construction of the plaza, which includes commercial apartments, offices and shopping areas, cost more than 700 million yuan (US$84.34 million). It started business in 2000.

The investor was Yorkpoint Company, a special-treatment company listed on the Shenzhen Stock Exchange.

The plaza was forced to be auctioned off when the company ran into heavy debt. Creditors include banks, contractors and government departments.

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