Antique houses relisted for auction in Da Nang after initial sale fails

By Nguyen Dong January 4, 2024 | 07:27 pm PT

An antique house on a property which is being auctioned by Agribank in Da Nang City. Photo by VnExpress/Nguyen Dong

Agribank is hosting a second auction for a collection of antique houses and two other assets, which have been used as collateral against a businessman's debts in Da Nang, at a starting price of VND246 billion ($10 million).

The assets include a land of 2,293 square meters in Thanh Khe District and 11 antique houses on it.

This is the second time that the assets are up for auction as there was no buyer in the first auction in December.

The owner, Le Ba Huy, CEO of Southern Trading and Service Assembling Company, said he had bought the antique houses, which were built between 100 and 200 years ago, from Thua Thien Hue Province and Hoi An in Quang Nam Province and moved them to the new location.

Huy completed the moving and installation of the 11 houses in 2010 and said that it cost him VND470 billion.

Agribank is now selling the asset because Huy had an unpaid debt worth over VND355 billion, as of June last year.

His company, which sells agriculture and manufacturing machines, has been facing financial difficulties for many years.