- Dec 10, 2020
- Business Update
A 61KM Unfinished Expressway Sold on JD Auction
by Vivian Yang
He-Hui expressway （鹤辉高速）, an unfinished road project in Henan province, was auctioned at over RMB 3.1 billion yuan on JD.com on Dec. 5, 2020.
This legal auction was entrusted by the intermediate people’s court of Hebi city, with a “sale package” including all the roadbeds, pavement, bridges, tunnels and more that have been constructed and some sealed construction materials that have remained.
The 61,213-meter long He-Hui expressway, named for the starting point Hebi city to the east and the finishing point Hui county of Xinxiang city to the west of Henan province in central China, was planned to serve as an major expressway of the provincial traffic network and as a shorter path for coal transportation from Shangxi province. The project started in 2009 and was put on hold in 2017 due to funds mismanagement.
The project was listed for public auction on JD.com this October. It is said that after the takeover, construction will resume early next year and the project will be completed in two years.
In 2020, JD Auction also sold a string of high-value legal case-related assets, such as an airline at RMB 800 million yuan, a hydropower station at RMB 260 million yuan, and right to use a coastal area at RMB 850 million yuan.