China Post Group, operator of the country’s postal system, will auction off 60 hotels, an asset exchange said, as the government urges state companies to shed non-core businesses.
The China Beijing Equity Exchange, a site for trade in unlisted assets, said on its Web site that China Post would sell the hotels through an auction at the exchange.
An exchange official said the hotels, located in 24 provinces across China, would be subject to further valuation but would be worth a total of at least 4 billion yuan ($541 million).
China Post put …

Properties sold at auction in Melbourne may not go to the winning bidder after a real estate agent on Saturday sold a Burwood East home for more money after the hammer fell.
The auction exposed a legal grey area, sparked outrage among the crowd – and drew the promise of a probe by the Real Estate Institute of Victoria.
Hao Chen thought he had bought the home at 10 Aruma Court (pictured) after the auctioneer brought down his hammer and declared the property sold. But moments later – in front of a …

Riddle’s Auctioneers has launched a new service for delinquent borrowers, Auction Before Foreclosure (“ABF”). Riddle’s can assist delinquent borrowers and their secured lenders avoid foreclosure by providing customized pre-foreclosure services.
A customized win-win solution for everyone. Borrowers can avoid loss of equity and credit worthiness. Lenders can reduce financial loss and keep foreclosed properties off their books.
http://riddlesauction.com

An “unrealistic” offer of €1.2m was disappointingly the only offer made on a 115ac Co Kildare farm.
Kehoe Auctioneers in Carlow were forced to withdraw the 115ac holding at Castledermot, Co Kildare, from auction on Thursday.
They had been quoting a guide price of €2m.
“We’re still looking for €2m but we did not get where we needed to be on Thursday,” said auctioneer Eoin Kehoe.
“It’s a 115ac farm, it’s very well located close to the new roadway system, and Castledermot is only 40 miles from Dublin.
“A small portion of the farm would …

A rise in the number of repossessions seen across the UK could provide opportunities for buy-to-let investors, says CityWire.
Allsop estimates that 40 per cent of its 2008 auction properties will be repossessed homes, with many being typical of the kind of property bought by a buy-to-let investor.
Two properties coming up for sale in the next Dreweatt Neate auction – terraced houses that have seen use as a shared letting property and a hairdressing salon with planning permission for conversion to two single bedroom flats – are typical buy-to-let investments.
Both are …

London auctioneer Allsop’s prediction that 40% of properties under the hammer next year will be repossessions means there will be some attractive opportunities for brave long-term buy-to-let investors.
Figures from Essential Information Group, which monitors all UK auctions, shows that the number of lots left unsold has risen from 24% this time last year to 40%, indicating that in an uncertain market, buyers are reluctant to take a chance.

The first wide-scale rollout of online real estate auctions will allow potential buyers in Australia to participate via live video streams over the internet.
The service will be launched this month after a successful week-long trial recently. “You’re almost in the room without being in the room. If I was a bidder it would give me complete privacy to make my own decisions without any involvement from a third party,” Century 21’s Charles Tarbey said.
Century 21 has joined with PTY Auctions to trial the Microsoft software applications which power the internet …

The municipal administration said the existing offices of the Department of Fisheries, Forestry and Agriculture will be the first to be auctioned at a starting price of VND22.9 billion ($1.42 million).
The Da Nang House Management Company was assigned to organize the auction.
Director of the auction house, Nguyen Cong Lang, said that if the initial sale ran smoothly, the city will auction off the offices of the judiciary, health, natural resources and environment, and planning and investment departments.
The city has set regulations for the office space auctioned off.
The existing structures will …

Inland Real Estate Auctions, Inc. announced today that it will represent Allstate Life Insurance Company in the Dec. 19 auction of Cane Run Place, a 59,000-square-foot retail shopping center in Louisville, Ky., featuring a 44,000 square foot anchor space left vacant after Winn Dixie’s corporate restructuring.
The property’s owner was foreclosed upon in July 2006, less than a year after Winn Dixie vacated the Louisville market amid bankruptcy proceedings. Allstate was the life insurance company lender for the borrower/owner.
“Allstate chose the auction process as a mechanism to secure a …

The city government of Manila, through its Committee on Public Auction, successfully auctioned off yesterday the Grand Boulevard Hotel, Silahis International Hotel, Hotel Sofitel, and Pacific Hotel Corporation for being delinquent properties.
The winning bidder, private developer Pacific Wide Realty and Development Corporation, won the bid in the amount of R106, 650,000.
Secretary to the Mayor Atty. Rafaelito Garayblas said the public auction was undertaken as an administrative remedy for the collection of real property taxes and arrears on tax payments of delinquent properties in Manila.
City Legal Officer Atty. Renato G. de …