Ritche Bros. has worked with the Beijing Tianzhu Free Trade Zone (TFTZ) Management Committee, Beijing Customs and Beijing Entry-Exit Inspections and Quarantine Bureau for many years and has established a transparent and regulated equipment exchange in China and export out of China through the TFTZ.

Stephen Branch, Vice President of Sales for Ritchie Bros Auctioneers said “Last week’s auction in China was a big success – we delivered on our promise to bring Ritchie Bros. unreserved auctions to China. We had bidders register from across China and around the world. We look forward to serving the Chinese and global equipment marketplace from our new site in the Beijing TFTZ, where equipment owners will enjoy the convenience of being in close proximity to one of China’s largest ports.”

The 500+ registered bidders were from over 30 countries and overseas bidders accounted for purchase of 17% of equipment featured in the auction. A majority of the equipment featured in the auction was made up of local equipment from Beijing and the surrounding Hebei province. 150 bidders registered online at rbauction.com and had the option to bid live and in real time in a choice of 8 languages. Online bidders purchased around 14% of the lots available online. “We want to thank all Chinese government authorities who have helped us reach this incredible milestone,” added Chris Edwards, Ritchie Bros. General Manager. “It was thanks to their consultation and cooperation with our management team that we have created a unique and convenient platform for Chinese equipment owners to easily and confidently exchange equipment with the rest of the world. Chinese used equipment owners and manufacturers can choose Ritchie Bros. Tianzhu auctions as a valuable export channel to reach the global market.”

Ritchie Bros. has formally leased land in the Beijing Tianzhu Free Trade Zone where it will continue to hold regular unreserved public auctions.