GAC FCA's Changsha Factory Auction Ends Unsold Again

TapTechNews September 18th news, the core assets of GAC FCA - Changsha factory and its affiliated buildings, machinery and equipment, etc. The bidding of the third auction ended today. The starting price is about 1.225 billion yuan, which is 690 million yuan lower than the 1.915 billion yuan of the first auction price.

The Jingdong auction platform shows that this auction was unsold due to no bids.

The administrator of GAC FCA had announced that after two consecutive unsuccessful auctions, in order to maximize the value of the core assets and protect the legitimate rights and interests of creditors, it decided to postpone the third auction and actively reconnect with the local government investment promotion department and a few intended investment enterprises again. Due to the absence of a definite investment enterprise, the Changsha factory carried out the third round of online auction.

The factory is located at No. 18 Yingxia Road, Changsha County, Changsha City, Hunan Province. The land use right area is 700,112.8 square meters, and there are 19 buildings with real estate certificates. TapTechNews noticed that this auction not only includes land and building factories, but also covers various machinery and equipment of GAC FCA, etc.

The bankruptcy liquidation path of GAC FCA started in October 2022. At that time, the company applied for bankruptcy to the court because its actual assets could not pay off all debts and had basically stopped operating, and officially entered the bankruptcy process in November of the same year. The GAC FCA Guangzhou factory was later taken over by GAC Aion and transformed into a pure electric vehicle production base.

On June 20 this year, GAC FCA released an asset disposal announcement to the outside world, marking the full start of the liquidation work.