China’s Court Sells ￥130M Plant for ￥18K: Numerous Business Leaders Charged, Forced Equity Handovers

On August 2, a property auction in China sparked widespread online attention due to its astonishingly low price.
A factory valued at 130 million yuan was sold by the court for just 18,000 yuan—less than two ten-thousandths of its market value. A lawyer in China commented on the situation.
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[MasticinaAkicta]

And that is why outside businesses are leaving China. With this potentially done to their businesses... why take the chance.

[maapaa]

Many people in USSR felt like this about the communist regime before the USSR collapsed.. seems China is heading the same way..

[TaintedStaff]

That's corruption without a doubt...

[HKim]

Reminds of when Russia started selling off State assets. It's how Russia established their oligarch system.

[curtbrown]

CHEAT IF YOU CAN CHEAT. CHINESE PROVERB.

[shubus]

This should be an example case for all foreign companies to get of China and local Chinese businesses to move out also. Such blatant fraud is the norm and not the exception in the CCP's China.

[markwalker]

Won't the winning bidder now lose his 0.2 yuan deposit. Not fair 😁

[ChinaLens]

Mainland China is witnessing a wave of bankruptcies, closures and unemployment. The Chinese economy is currently in a serious recession.

[sinan.]

Dear Chinese people: If you happen to free yourselves from the CCP, please do not follow in Russia's footsteps and end up with another authoritarian government because you want "stability". Self governance is not stabile, but it the best system mankind has come up with so far.

[maapaa]

The disgusting corruption hurts my heart.. outcast regime will collapse soon i am sure..

[kamraa]

I remember this story. I read it as a child. A girl named Alice fell into a rabbit hole and fell all the way to China.

[RedRomanov]

Why would anybody become a lawyer in China

[KRAVER_]

The gentleman with the Hospitals should be leader of China IMO. he seems like a decent person that is for the people of China.

[montosunify]

you can tell that all the bidders are in the same room and laughing aloud as they bid

[youtuber]

When it’s this easy, you don’t need to be a thief.

[michelle]

The person who won the auction be malding rn 💀💀💀💀

[Hellofaird]

Do is only the figure head of the organisation, when he is replaced… the corruption will continue.

[johnbaran]

China really screwed the pooh on this one

[daneo]

Yes if the court knows it's a TD project.😂

[Odayian]

Is it reasonable yes because that's how auctions work. If there are no reserves or minimum bids that's the way they work. Can't help no one is going to buy it for their inflated amount and waited till no one else wanted it to buy.