AT around 3 p.m. yesterday (Mar 22), more than 30 reporters representing national and regional media packed into the conference room of a Shenzhen auction company in Luohu District, eagerly awaiting the start of an auction to decide the fate of the bankrupt Minsk World theme park.

The auction was to have marked yet another twist in the tale of the Minsk, a decades old, decommissioned military ship from the Soviet era, which was first purchased as scrap metal and brought to Shenzhen by a Chinese company in 1998, before being converted into a popular tourist attraction in the city.

Except that the auction never really happened.

In keeping with the ship's recent misfortunes, bidding for the Minsk World theme park closed within three minutes, after the embarrassed auctioneer realized that none of the three potential bidders were willing to pay even the starting price of 128.3 million yuan (US$16 million).

It signaled the latest setback for the ship, which used to attract a large number of visitors with its torpedoes and Russian dance troupe before the company that operated the park, Minsk World Industries Co. Ltd., was declared bankrupt in March last year.

The abrupt end to the auction sparked chaos among the blindsided reporters, who scrambled to snatch comments from the bidders, the auction company, or just anyone they could find.

Hemmed in by a crowd of media people, auctioneer Luo Yuanqing confirmed that all bidders were aware of the starting price and terms related to the sale, and said he did not find the result surprising. "It's all up to the market," Luo said.

A bidder reluctantly admitted that he was a representative of the CITIC Travel Service, but declined to comment on the issue before leaving quickly. The second bidder was identified as Shenzhen Jinguan Electronics Company, but its representative was unwilling to acknowledge that the starting price was too high. The third bidder left quietly soon after the three-minute auction was over.

Liu Guolin, a lawyer and member of the city's auctioneers' association, appeared yesterday to observe the bidding, and said the result was reasonable. "If such situation occurred, there usually will be two solutions. Firstly, the auction company may hold another bidding with the same or lowered price. Secondly, the trustor will reclaim the ownership of the item and sell it by other means."

The Minsk World theme park, which opened in 2000, drew more than 33,000 visitors during this year's Spring Festival.

According to the terms of the sale, the owner of the vessel has to keep the warship running as a theme park for another five years.

Editor: Wing