House Property of 'Billionaire' Film Actress Auctioned

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Last updated at: (Beijing Time) Tuesday, January 07, 2003

House Property of 'Billionaire' Film Actress Auctioned

Nineteen houses and apartments belonging to former Chinese film actress Liu Xiaoqing, arrested for tax evasion, were auctioned in Beijing Sunday. All her property, except one house that failed to be sold at the auction, was sold for 6.6 million yuan (US$797,409), with the money going towards her outstanding tax bill. But it's far from enough as Liu still has to pay 16.2 million yuan (US$1.96 million) of tax.

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Movie Star's Eighteen Houses Sold at Auction

Nineteen sets of house properties of Liu Xiaoqing, a noted Chinese film actress who was arrested in July on charges of large-scale tax evasion by the firms she run, were auctioned publicly in Beijing, January 5. The auction made a crowded scene with over hundred bidders and many waiting in a long queue for going through formalities.

After fierce bidding 18 out of the 19 sets of houses were sold smoothly, reaping a total sum of 6,611,000 yuan, which would all be used to pay the tax Liu owed.

As early as 8:30 am, the auction scene was filled with bidders, onlookers, persons who went through formalities and reporters, including those from Reuters and CNN. Liu is quite popular in America and people may get interested in the news about her, said CNN reporter, guessing that her houses might be sold at high prices.

With small spaces and lower-than-market prices, Liu's flats attracted many common people. It's good to buy one and then rent it, a certain Ms Qian said in a low voice to her friend.

Liu's 18 houses sold at auction

The auction formally began at 9:30, the first one sold was a flat in Huilongguan of Changping, in suburban Beijing, at a final price of 642,000 yuan. The bidding turned out fierce but only 2000 or 3000 yuan was added each time.

Bidder No 168, Ms Zhao Xuqing, quickly draw media attention by buying successively the first four flats auctioned at the prices of 642,000, 668,000, 762,000 and 300,000 yuan respectively. She also bade for the fifth set, but let it grabbed by another bidder at the final price of 302,000 yuan. Ms Zhao said she was representing her company, but didn't reveal why her company took part in the auction.

The seventh property, a 62.5-square-meter flat at Anhuibeili, fell into the hand of a Beijing lawyer at the price of 308,000 yuan. He later said regretfully that the price was rather high and he, at an auction for the first time, was lack of experience. But he added that compared with houses in the same area, it was worthwhile. Talking about Liu Xiaoqing, he said she did contribute to China's film, but saying he came here for the house instead of the film star. Besides, he only bade for one set, "I'm not running enterprise and one set is enough for me".

The last set went also to a lawyer from Chongqing at a price of 590,000 yuan, who said the house might be used for work.

Another two sets were sold to an theft-preventive door company who, bought houses in auction three years ago, said he had no relations with Liu Xiaoqing and the houses were to be used as dormitories for its employees.

The Beijing auction agency said they were satisfied over the result, but didn't give answer as how to deal with the house failed to be auctioned.

By PD Online Staff Li Heng

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