Industrial equipment resellers Ritchie Bros. Auctioneers will hold its first unreserved public auction in China on 18 April.
The auction can go ahead after the auctioneers’ Wholly Owned Foreign Enterprise application was approved by the Chinese government in November 2012, with the company formally leasing land in the Tianzhu Free Trade Zone near Beijing.
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Ritchie Bros. said the auction will allow Chinese equipment owners to gain access to the "global market" and build on their brands beyond their province while buyers will get a "one stop shop" for equipment from China.
The unreserved public auction will be open to both onsite and online buyers and Ritchie Bros. said 60% of the registered bidders at its industrial auctions in 2012 participated over the internet, purchasing more than $1.3bn (960m) of equipment.
Stephen Branch, vice president of Ritchie Bros., said the company was excited to open up the Chinese equipment market and encouraged local and international equipment owners to get involved in the auction.
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By GlobalData
