深圳经济特区财产拍卖条例（修正） Regulations of Shenzhen Special Economic Zone on Auction of Properties

oneer shall do it for the client.

　　Article 60 An auctioneer shall release the notice of auction 7 days before the day of the auction. The notice of the auction shall include the following content:

　　(1) Time and site of the auction;

　　(2) Goods of auction;

　　(3) Qualifications or conditions of bidders; and

　　(4) Other items that shall be

released.

　　Article 61 Bidders who join the bid shall hand in the following documents:

　　Article 62 If bidders require the auctioneer to keep their titles (or names) as a secret, the auctioneer shall do it for them.

　　Article 63 In the period of the notice, the auctioneer shall offer materials of auction and essential conditions for examining the goods of auction. The materials of auction shall include the following content:

　　(1) The content stipulated in Item2 of Article 48 of these regulations;

　　(2) The payment of the goods of auction and its deadline;

　　(3) Commissions and other charges of the auction;

　　(4) Ways of auction;

　　(5) Taxes and charges that shall be paid as the goods of auction transferred; and

　　(6) Other items that shall be told.

　　The auctioneer shall guarantee the trueness of the materials of auction.

　　Any auctioneer who, in violation of the first and third paragraphs of this Article, causes losses to bidders and the purchasers shall be responsible for the compensation.

　　Article 64 The auctioneer shall carry out the auction in a way that has been agreed on and at the time and site confirmed in the notice.

　　Article 65 The auctioneer who, shall make a special statement in advance and show ratified documents of relative agency and explain relative procedures that shall be conducted and charges that shall be paid after the transaction of the auction, sells the properties of the provisions of Article 11, 12, 13, 14 and 15 of these regulations by auction.

　　If the auctioneer is in violation of the provisions of preceding paragraph and has made the purchaser losses, the auctioneer shall be responsible for the compensation.

　　Article 66 The auctioneer may adopt the following ways to conduct the auction:

　　(1) Auction of appraising low price, which means that the auctioneer announces the open-call price of the goods of auction and bidders contest to quote and the transaction is done at the highest quoted price;

　　(2) Auction without an appraising price, which means that the auctioneer does not announce the open-call price of the goods of auction and bidders answer the bid of the goods of auction directly and the transaction is done by at the highest quoted price;

　　(3) Auction of appraising low price, which means that the auctioneer announces the open-call price of the goods of auction and there are no bidders to quote and the auctioneer lowers the quote gradually, the transaction is done at the first quoted price.

　　If there are two or more than two persons who answer the bid in case of the third paragraph of the preceding item, the auctioneer shall take the said answered bid as open-call price, and conduct the auction in the method prescribed in the first paragraph of the preceding item. If there are no persons answer the bid, it shall be the sponsor of the auction who shall decide the purchaser.

　　Article 67 The properties referred to in Article 9 of these regulations shall not be auctioned by tender.

　　An auctioneer may auction by tender.

　　The action by tender referred in the preceding paragraph shall mean that the auctioneer announces information relating to the goods of auction in advance, the buyer posts the quotation in seal to the auctioneer in a time limit, and the auctioneer opens the tender in public in a time limit, and the winner shall be the one offering the highest quotation.

　　If two or more persons offer the highest quotation as described in the preceding paragraph, the bargainee shall be the one firstly posts his quotation; if two or more person offer the highest quotation and post their quotation in a same time, the bargainee shall be the one whose tender is firstly opened.

　　Article 68 The auctioneer shall make a record of the auction when carrying out the auction. The sponsor of the auction, the rec

order and the purchaser shall sign their names on the record of the auction.

　　Article 69 The purchaser shall sign the Confirmation of Transaction of Auction with the auctioneer on the spot when there is a transaction.

　　Article 70 The Confirmation of Transaction of Auction shall include the following content:

　　(1) Names and addresses of the auctioneer and purchaser;

　　(2) Content stipulated in item2 of Article 46;

　　(3) Money of the goods of auction, the way of payment and the deadline;

　　(4) Time, place and way of handing over the goods of auction;

　　(5) Bargain money;

　　(6) Commissions and the way of payment;

　　(7) Time and address of transaction of auction;

　　(8) Responsibilities of breaking contract and solving measures of dispute;

　　(9) Other items needing to agree on.

　　Article 71 The Confirmation of Transaction of Auction has the legal effect as well as the Contract of Business of Real Estates both signed legally according to these regulations after the transaction of immovable properties of auction.

　　The administrative agency and the administrative agency of real estates of the Municipal Government separately make out the samples of texts of the Confirmation of Transaction of Auction of Movable Properties and the Confirmation of Transaction of Auction of Immovable Properties.

　　Article 72 The purchaser shall pay the bargain money at an agreed rate to the auctioneer when there is a transaction of the auction except for immediate clearing.

　　Article 73 The relative agency shall conduct the transfer of rights of properties of the goods of auction and the alteration of certificates and licenses relaying on the vouchers of the auction issued by the auctioneer.

　　Article 74 If the goods of auction needs transporting out the Special Zone, the relative agency shall conduct relevant procedures relaying on the vouchers of the auction issued by the auctioneer.

　　Article 75 The client and the auctioneer may agree on a simple and easy procedure of the auction if the goods of auction are apt to breakable, rotten and not good at storage for a long time.

　　Article 76 The progress of auction stops before the transaction of auction when any of the following cases occurs:

　　(1) A third party brings out objection on jus disponendi of the goods of auction;

　　(2) The client has the right to notice the auctioneer to stop the auction in written form if he has a good cause;

　　(3) The stop of the auction temporary dues to accident or force majeure; or

　　(4) Other cases may cause the stop to the progress of auction according to law.

　　The progress of the auction shall continue when the reasons of the stops have been removed.

　　Article 77 The progress of auction is end before the transaction of auction when the following cases occur:

　　(1) The people's court and administrative organs confirm that the client has no jus disponendi of the goods of auction;

　　(2) The client has the right to notice to the auctioneer to end the auction in written form if he has a good cause;

　　(3) The goods of auction is destroyed or lost;

　　(4) The auction is unable to be carried out because of accident or force majeure;

　　(5) Other cases may cause the end to the progress of auction according to law.

　　Where the said goods of auction is sold by auction again after the progress of the auction ends, the procedure of the auction shall be conducted again.

　　Article 78 Where stopping or ending the progress of the auction by the client causes the bidders and auctioneers losses, the client shall be responsible for the compensation. If the fault is on the auctioneers, the auctioneers shall bear relative responsibilities of the compensation.

　　Article 79 The auction shall be invalid if any of the following cases occurs aft

er the transaction of the auction:

　　(1) The goods of auction belongs to the properties that must not be allowed to sell by auction stipulated by Article 8 of these regulations;

　　(2) The clients, auctioneers and purchaser are not in conformity with relative qualifications or conditions of the provisions of these regulations;

　　(3) The heavy loss of the purchaser is caused by the non-authentic expressed of the materials of the auction;

　　(4) The auctioneer is in violation of the progress of the auction and does not sell the goods of auction according to the agreement;

　　(5) Bidders, or a bidder and an auctioneer, or clients malignantly colluding and controlling the biding price;

　　(6) The auctioneer or its staff violate Article 24 of these regulations;

　　(7) Other circumstances are in violation of the principle of open, fair and just during the auction;

　　(8) The properties referred in Article 11, 12, 13, and 14 of these regulations have been sold by auction without the ratification and permission of relative agency;

　　(9) Relative provisions about the commissions of these regulations are violated;

　　(10) The auction that shall be stopped or ended is not stopped or ended;

　　(11) Other acts of carrying out the auction are in violation of these regulations.

　　Article 80

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