30.11.2012

Ritchie Bros to hold first auction in China

Industrial auctioneer Richie Bros is to hold its first auction in China. The company is the first of its type to be approved as a ‘wholly owned foreign enterprise’ by the government of China and will stage its first unreserved public auction at the Beijing Tianzhu Free Trade Zone next spring. The site - located within minutes of Beijing Capital International Airport - is connected to one of China's largest roll-on, roll-off ports in Tianjin.

Ritchie Bros has been working with Chinese buyers and sellers for many years and its current customer base includes Chinese OEMs and construction companies that have been selling their equipment at auctions overseas. Ritchie Bros has also been working with Chinese government officials for a number of years to acquire the proper permits for holding auctions in China.

"We established our presence in China in 2004," said Chris Edwards, Ritchie Bros general manager for China, Korea and Mongolia. "We have been learning China's market, customer needs and behaviour, regulations and business processes.”

Ritchie Bros. has been conducting unreserved public auctions since the Company was founded in 1958 and last year sold US$3.7 billion of equipment at 339 unreserved industrial and agricultural auctions around the world.