Xiangzhou District, Zhuhai

Zhuhai Shangchong Joint Venture held the largest auction of its kind at Xiangzhou's Collective Asset Management Center on March 15, attracting the most participation since the center first opened its transaction platform for community collective assets in 2013.

Zhuhai Shangchong Joint Venture is a joint stock cooperative corporation. The 22 stores of the mall located at No 29 Shangchong New West Street owned by the company cover the area of about 715 sq m. Since the opening of intercity rails and the upgrade of Mingzhu Road, the section has been busier and seen an increase of its commercial value. 

"Though a bit more expensive than I expected, it's a good deal," said Mr Lin, who plans to sublease the stores to develop a food street after his winning bid of 48,500 yuan ($7,037).

Zhuhai Shangchong Joint Venture holds an auction, marking big progress in the community-based collective economic development of Xiangzhou. [Photo / Zhuhai Daily]

According to the company, the hammer price is up 223 percent from the previous rent, which means an annual of increase 1000 yuan ($145) for every one of its 633 shareholders.

Zeng Zisheng, chairman of the board of Shangchong Joint Venture, thanked the auction supervisors for their being fair and just. "We will continue to be strict with ourselves and make efforts to boost corporate management."

In recent years, Xiangzhou has been attaching great importance to the development of community-based collective economy by standardizing supervision on finance, asset and recourses operations. The whole of last year clinched 96 deals, resulting in more than 145 percent of increase in unit price.