GD Travel Guide
Toursite (name/keyword)
eg: temple, park, golf,       mountain, resort . . . . . .
    Exchange Rate



   Home-Business-Enterprises & Products
Enterprises & Products
Macro-Eco Prospective | Development Zones | Biz Events | Investment Oppotunities
Enterprises & Products | Laws & Regulations
1st foreign-funded auction company set up
Latest Updated by 2006-04-24 11:40:18

The world's leading auction company of used vehicles Manheim Auctions and Shanghai International Commodity Auction Co., Ltd, have announced the establishment of a joint auction venture, the first of its kind in China.

The joint venture, namely Shanghai Manheim International Commodity Auction, received approval from the Ministry of Commerceon April 6, according to company officials. The two parties' investment in the venture is not available.

Manheim would be the main share holder of the joint venture, which will start operation in the third quarter of this year and is expected to make a profit after one year, company officials said.

With the joint venture, Manheim, based in Atlanta, the United States, became the first foreign company to set foot in the auction industry and the used car market in China.

"We have been waiting for 20 years to enter the Chinese market," said Neville Green, president of Shanghai Manheim.

Shanghai Manheim currently has a salesroom under reconstruction.

Manheim is the world's leading provider of used vehicle services and marketplaces to professional buyers. It auctioned about 5 million used cars worth 55 billion U.S. dollars last year.

The Shanghai International Commodity Auction Co., Ltd. was established in 1988. It organized nearly 200 auctions last year with the volume of business exceeding 4 billion yuan (500 million dollars).

According to an auction regulation which came into effect on Jan. 1, 2005, foreign companies are allowed to hold auctions on the Chinese mainland.
Editor: Yan

By: Source:China View website
- Relevant Stories -
Man bids to auction his soul online
Guangzhou to auction mascot car registration number plates
This site contains material from other media for content enrichment purpose only.
The website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of are those of the authors and/or publishers. The website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact within thirty (30) days. Email:
Home | News | Brief Business | PRD | Gov Info | Cities & Towns | Culture/Life/Edu | Travelling | Enjoy Life | Pictures | Specials
About Us | Contact Us |
© registered number 020074 | ICP Certificate No.B2-20050252
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!