Ritchie looks to kickstart the heavy equipment auction market in China

ritchie.jpgRitchie Bros Auctioneers, the world’s largest auctioneer of heavy equipment and trucks, has announced that it will be holding its first unreserved public auction in China during Spring 2013. The company stated: “Although relatively new to the Chinese heavy equipment market, unreserved industrial auctions have been a quick and easy method for equipment buyers and sellers to conduct business on a global scale. And for more than 50 years now, the Canada-based company has been helping the world’s builders to easily and confidently exchange equipment at its auction sites all over the world.”

Ritchie Bros┬ábelieves┬áthat it will “bring the certainty of unreserved auctions to Chinese equipment buyers and sellers” now that the company’s wholly owned Foreign Enterprise application has been approved by the Chinese government – making it the first foreign auction company to receive this approval. Ritchie Bros has formally leased land in the Tianzhu Free Trade Zone (Shunyi, Beijing) in preparation for the first unreserved public auction in China. Strategically located within minutes of Beijing Capital International Airport, the Tianzhu Free Trade Zone is connected to one of China’s largest roll-on, roll-off ports in Tianjin.