Shanghai Maritime Court auctions Italian yacht online

Updated : 2019-07-10


The ship Jin Shouzhi No.2 


The wharf-side handover procedure 


The officials head to Pudong for the handover procedure. 

The Shanghai Maritime Court auctioned an Italian yacht of the famous brand AZIMUT at the price of 10.11 million yuan ($1.47 million), setting a premium rate of 48.67.

The auction was made on Taobao, China’s largest online shopping platform, and attracted 12,366 views.

After finishing ship registration, asset appraisal and release announcement, the auction of the ship Jin Shouzhi No. 2 started on July 1 at an opening price of 6.8 million yuan. A company from Linyi of Shandong province was the successful bidder after 83 rounds.

The ship, registered in Shanghai, was collateral for a registered mortgage, as were all other ships owned by the debtor. A dispute arose when the borrower didn’t pay the loan and the vessel became subject to seizure. The collateral holder applied to Beijing Xicheng District People’s Court for an order for compulsory enforcement.

Entrusted by the Beijing Xicheng People’s Court, the Shanghai Maritime Court carried out judicial auctions of all the debtor’ ships in accordance with a People’s Court ruling.

On July 8, after the buyer paid the bid price, officials from the Shanghai Maritime Court headed to the wharf in Shanghai’s Pudong to finalize handover procedures. The buyer was then in a position to clean up the ship and ready it for sea.