Ritchie Bros. Auctioneers announced, during a press conference at Bauma China, that it will hold its first unreserved public auction in China during spring of 2013. Ritchie Bros. said it is the first foreign-owned auction company to receive approval from the Chinese government. Ritchie said it has leased land in the Tianzhu Free Trade Zone, located within minutes of Beijing Capital International Airport. The zone is connected to one of China’s largest roll-on, roll-off ports in Tianjin.
Ritchie Bros. has been working with Chinese buyers and sellers for many years, the company said. Its current customer base includes Chinese original equipment manufacturers and construction companies that have been selling their equipment at auctions overseas and learning about the international equipment market. Ritchie Bros. has been working with Chinese government officials for a number of years to acquire the proper permits for holding auctions in China.
“We established our presence in China in 2004,” said Chris Edwards, Ritchie Bros. general manager for China, Korea and Mongolia. “We have been learning China’s market, customer needs and behaviors, regulations and business processes. Our goal has always been to be a good, educated citizen in China.”
Ritchie Bros. Auctioneers, the world’s largest industrial auctioneer, is based in Vancouver, B.C., Canada. For more information on live and online auctions, visit www.rbauction.com.
