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Chinese Ministry to Auction off Confiscated Houses
The Chinese Ministry of Finance will soon auction off a number of confiscated houses in Beijing, the ministry said Tuesday.
This is the first time the ministry is handling confiscated assets through public auction, a spokesman for the ministry said.
According to the spokesman, the 77 houses were confiscated from an organization under an unidentified ministry, which bought the houses using government funds.
The ministry will adopt auction off confiscated properties in the future to further enforce financial laws and discipline, the spokesman said.
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