It’s official! This week at bauma China in Shanghai, Ritchie Bros. CEO Peter Blake announced that the Chinese government has approved our Wholly Owned Foreign Enterprise application—paving the way for Ritchie Bros. to hold our first unreserved public auction in China in early 2013.
Watch a new video about Ritchie Bros.’ entry into the China used equipment market, featuring interviews with some of our customers from the world..
Ritchie Bros.’ first unreserved public auction will take place at Tianzhu Free Trade Zone (Shunyi, Beijing), which is located within minutes of Beijing Capital International Airport and conveniently connected to one of China’s largest roll-on, roll-off ports in Tianjin.
“We established our presence in China in 2004,” says Chris Edwards, Ritchie Bros. General Manager for China, Korea and Mongolia. “We have been learning China’s market, customer needs and behaviors, regulations and business processes. Our goal has always been to be a good, educated citizen in China.”
Ritchie Bros.’ current customer base includes Chinese original equipment manufacturers (OEMs) and construction companies that have been selling their equipment at auctions overseas and learning about the international equipment market.
Our goal is to make it easier for our Chinese customers to buy and sell equipment in the global marketplace—and give our customers around the world fair, equal access to the massive Chinese used equipment market.
Read the news release about this story—or leave a comment below and let us know what you think about our entry into the Chinese marketplace.