Chapter I
GENERAL PROVISIONS
Article 1. Scope of regulation
This Law prescribes principles, order and procedures for property auction; auctioneers and property auction organizations; remuneration for auction services and property auction expenses; handling of violations, cancellation of property auction results and compensations for damage; and the state management of property auction.
Article 2. Subjects of application
1. Auctioneers, property auction organizations and property auction councils.
2. The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions.
3. Auctioned property sellers, bidders, winning bidders and auctioned property buyers.
4. Other individuals and organizations involved in property auction activities.
Article 3. Application of the Law on Property Auction and provisions on property auction order and procedures of other laws
1. In case there is a difference between the provisions on property auction order and procedures of this Law and of other laws, those of this Law shall prevail, except the case specified in Clause 2 of this Article.
2. The auction of securities shall be carried out in accordance with the law on securities; the auction of state property located overseas shall be carried out in accordance with the law on management and use of state property.
Article 4. Property to be auctioned
1. Property required by law to be sold through auction, including:
a/ State property as defined by the law on management and use of state property;
b/ Property over which ownership by the entire people is established in accordance with law;
c/ Property being land use rights as defined by the land law;
d/ Collateral as defined by the law on secured transactions;
dd/ Property for judgment enforcement as defined by the law on enforcement of civil judgments;
e/ Property being exhibits or means used in administrative violations which are forfeited into the public funds, property distrained to secure the execution of administrative sanctioning decisions in accordance with the law on handling of administrative violations;
g/ Property being national reserve goods as defined by the law on national reserves;
h/ Fixed assets of enterprises as defined by the law on management and use of state capital invested in production and business at enterprises;
i/ Property of enterprises and cooperatives declared bankrupt in accordance with the law on bankruptcy;
k/ Property being road infrastructure facilities and the right to collect charges for use of road infrastructure facilities in accordance with the law on management, use and operation of road infrastructure facilities;
I/ Property being the mining right in accordance with the mineral law;
m/ Property being the right to use or own planted production forests in accordance with the law on forest protection and development;
n/ Property being the right to use radio frequencies in accordance with the law on radio frequencies;
o/ Property being non-performing loans and collateral for such non-performing loans of the wholly state-owned organization established by the Government to settle non-performing loans of credit institutions in accordance with law;
p/ Other property required by law to be sold through auction.
2. Property owned by individuals and organizations which will be sold through auction of their own free will according to the order and procedures prescribed in this Law.
Article 5. Interpretation of terms
In this Law, the terms and expressions below shall be construed as follows:
1. Bid increment means the minimum amount by which a bid will be raised each time the current highest bid is outdone in case of ascending-price auction. A bid increment shall be decided and notified in writing by the auctioned property seller to the property auction organization upon each auction session.
2. Property auction means a method of selling property involving two or more bidders according to the order and procedures prescribed in this Law, except the case specified in Article 49 of this Law.
3. Reserve price means the minimum starting price of a to be-auctioned property in case of ascending-price auction or the maximum starting price of a to be-auctioned property in case of descending-price auction.
4. Bid decrement means the minimum amount by which the next bid must fall from the current highest bid in case of descending-price auction. A bid decrement shall be decided and notified in writing by the auctioned property seller to the property auction organization upon each auction session.
5. Auctioned property seller means an individual or organization that owns a property item to be auctioned or a person authorized by a property owner to sell a property item through auction or person having the right to put a property item for auction under an agreement or in accordance with law.
6. Auctioned property buyer means a winning bidder that enters into a contract for purchase and sale of an auctioned property item or has property auction results approved by a competent agency.
7. Bidder means an individual or organization qualified for participating in an auction to buy the auctioned property in accordance with this Law and other relevant regulations.
8. Winning bidder means an individual or organization that makes the highest bid compared to the reserve price or a bid equal to the reserve price if no bid higher than the reserve price is made in case of ascending-price auction; or an individual or organization that accepts the reserve price or decreased price in case of descending-price auction.
9. Descending-price auction means a method of auction in which the auctioneer lowers the asking price until a bidder willing to accept the auctioneer-set price is called.
10. Ascending-price auction means a method of auction in which bidders make their bids in an ascending order until the highest bidder is called.
11. Auctioned property means a property allowed to be traded in accordance with law.
12. Property auction organizations include property auction service centers and property auction businesses.
Article 6. Principles for property auction
1. Compliance with law.
2. Assurance of independence, honesty, publicity, transparency, equality and objectivity.
3. Protection of lawful rights and interests of auctioned property sellers, bidders, winning bidders, auctioned property buyers, property auction organizations and auctioneers.
4. Auctions shall be conducted by auctioneers, except those conducted by property auction councils.
Article 7. Protection of lawful rights and interests of bona fide auctioned property sellers, bidders, winning bidders and auctioned property buyers
1. Competent state agencies shall, within the ambit of their tasks and powers, guarantee the exercise of lawful rights and interests of bona fide auctioned property sellers, bidders, winning bidders and auctioned property buyers.
2. In case there is a third party disputing for the ownership of an auctioned property item, such ownership shall still belong to the bona fide auctioned property buyer.
The settlement of a dispute over the ownership of an auctioned property item, a complaint or lawsuit about the legal validity of a successful auction, and the cancellation of property auction results prescribed in Clauses 2, 3 and 4, Article 72 of this Law shall be effected according to summary procedures prescribed by the civil procedure law.
3. In case there is a judgment or decision of a competent state agency on partial modification or whole cancellation of decisions related to a property item before such property is put for auction but the property auction order and procedures still comply with this Law, such property shall still be under the ownership by the bona fide buyer, except where the property auction results are cancelled under Article 72 of this Law.
Article 8. Reserve price and appraisal of property to be auctioned
1. The reserve price of an auctioned property item shall be determined before:
a/ The signing of a property auction service contract;
b/ A property auction council is formed, unless otherwise provided by law;
c/ The wholly state-owned organization established by the Government to settle non- performing loans of credit institutions conducts by itself the auction.
2. The reserve price of an auctioned property item shall be determined as follows:
a/ For the types of auctioned property specified in Clause 1, Article 4 of this Law, their reserve prices shall be determined under the relevant regulations applicable to such types of property;
b/ For the types of auctioned property specified in Clause 2, Article 4 of this Law, their reserve prices shall be determined by their sellers or by property auction organizations or other individuals or organizations as authorized by their sellers.
3. An auctioned property item shall be appraised in accordance with law or at the request of bidders and with the consent of its seller. The appraisal order and procedures must comply with the relevant regulations applicable to relevant types of property. In case of appraisal upon request, the requester shall pay appraisal expenses.
Article 9. Prohibited acts
1. Auctioneers are prohibited to commit the following acts:
a/ Letting other individuals or organizations use their auction practice certificates;
b/ Taking advantage of their capacity as auctioneers to act for the self-seeking purpose;
c/ Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;
d/ Illegally preventing individuals and organizations from participating in auctions;
dd/ Violating the professional code of ethics of auctioneers;
e/ Committing other prohibited acts prescribed by relevant laws.
2. Property auction organizations are prohibited to commit the following acts:
a/ Letting other organizations use their names or operation registration certificates for auction practice;
b/ Colluding or being in cahoots with auctioned property sellers, bidders, price assessment organizations, auctioned property appraisal organizations and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;
c/ Obstructing or causing difficulties to bidders in registering their participation in an auction or participating in an auction;
d/ Disclosing information about registered bidders for the self-seeking purpose;
dd/ Receiving from auctioned property sellers any money amount, property or benefit other than auction service remuneration or property auction expenses as prescribed by law or other service charges related to auctioned property as agreed upon;
e/ Committing other prohibited acts as prescribed by relevant laws.
3. Property auction councils are prohibited to commit the acts prescribed at Points b, c, d and e, Clause 2 of this Article.
4. Auctioned property sellers are prohibited to commit the following acts:
a/ Colluding or being in cahoots with auctioneers, property auction organizations, and other individuals or organizations to falsify information about auctioned property, suppress prices, falsify auction dossiers or property auction results;
b/ Receiving from auctioneers, property auction organizations or bidders any money amount, property or benefit in order to falsify property auction results;
c/ Committing other prohibited acts as prescribed by relevant laws.
5. Bidders, winning bidders and other individuals and organizations are prohibited to commit the following acts:
a/ Providing untruthful information and documents; using forged papers to register their participation in an auction or to participate in an auction;
b/ Colluding or being in cahoots with auctioneers, property auction organizations, auctioned property sellers, other bidders and other individuals or organizations to suppress prices or falsify property auction results;
c/ Obstructing property auction activities; disturbing or causing disorder at an auction;
d/ Intimidating or forcing auctioneers or other bidders to falsify property auction results;
dd/ Committing other prohibited acts as prescribed by relevant laws.
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