Chongqing Municipality, Administration of the Auction Industry Provisions

Promulgated: May 9 2005
Effective: May 1 2005
Interpreting authority: Chongqing Municipal Commerce Committee
Applicability: 'Auction houses' refers to limited liability companies, or companies limited by shares, established in the administrative jurisdiction of the Chongqing Municipality in accordance with the law that carry out commercial auction activities (Article 3).

Main contents: The establishment of an auction house requires at least Rmb1 million of registered capital (Article 7). An auction house applying for the establishment of a branch should have fully paid-up registered capital of not less than Rmb5 million, and should allocate not less than Rmb1 million in capital or in kind to each branch (Article 9). The establishment, changes and termination of foreign-invested auction houses should comply with Part Three of the Ministry of Commerce, Administration of Auctions Procedures (Article 13). Where an auction is jointly held by a foreign-invested enterprise and a Chinese-invested enterprise, the subject matter of the auction shall be in compliance with laws, administrative regulations and relevant provisions of the Provisions (Article 34). Part Four concerns auction business personnel and auction activities and Part Five regulation.
Related legislation: PRC Auctions Law (Revised), Aug 28 2004 and Ministry of Commerce, Administration of Auctions Procedures, Dec 2 2004, CLP 2005 No.2 p5