Legal Analysis: Article 1 (Period of Realization) After the property is seized, detained or frozen (hereinafter referred to as seized), the people's court shall order the executed person to fulfill the obligations determined by the basis of execution within a specified period. If the executed person fails to perform within the specified period, the people's court shall commence the auction or realization of the seized property within three months after the seizure.
Article 2 (auction priority principle) the people's court of the seized property for the realization of the disposal, shall take the auction. However, with the exception of the circumstances listed in Article 31 and Article 32 of these provisions.
Article 3 (commissioned auction) the people's court auction of the executor's property shall be commissioned by the auction organization. The people's court executive body shall supervise the auction organization in accordance with the legal procedures for auction.
Article 4 (Restrictions on Eligibility of Transferees) Where laws and regulations impose restrictions on the eligibility or conditions of a buyer, the property shall be transferred to an eligible person in accordance with the criteria for its restriction. Where a third party enjoys the right of first refusal in accordance with law with respect to the seized property, its right of first refusal shall be protected at the auction.
Article 5 (Evaluation of the Price of the Auction Items) The property to be auctioned shall be entrusted to an asset appraisal organization established in accordance with the law and having the appropriate qualifications for price appraisal, in addition to movable property of insignificant value, property having a market value or the price of which can be easily determined in accordance with the usual methods. In assessing the price of the executor's equity, the people's court may order the enterprise in which the equity is located to provide the accounting information on which the assessment is based. If the enterprise concerned refuses to provide such information or commits any other act that hinders the execution, it may be dealt with in accordance with the provisions of Articles 102 and 103 of the Civil Procedure Law.
Legal basis: "on the implementation of the assessment, auction, sale of a number of issues in the provisions of Article 5 of the auction of property, except for the value of movable property, market value or its price in accordance with the usual method of easy to determine the property, shall be entrusted to the legally established and has the appropriate qualifications of the asset appraisal organization to carry out price assessment. In assessing the price of the executor's equity, the people's court may order the enterprise in which the equity is located to provide the accounting information on which the assessment is based. If the enterprise concerned refuses to provide such information or otherwise obstructs the execution, it may deal with the matter in accordance with the provisions of Articles 102 and 103 of the Civil Procedure Law.