(Ren Shen August - the first day), August 28, 1992, China's first auction of the bankrupt joint venture. Tianjin Simpson Household Appliances Co., Ltd., the property


bankruptcy is overall auction on August 28, 1992 to the Bank of China, Tianjin Branch. Mainland's first public auction bankruptcy Sino-foreign joint ventures.
Tianjin Simpson Household Appliances Co., Ltd. Tianjin Trust and consulting firm, the Bank of China and Australia Simpson household appliances Co., Ltd. joint venture to build the original Tianjin household appliances and industrial companies, with registered capital of 500 million Australian dollars, opened in July 1987, and the following year a was formally put into production. The company is a joint venture of mainland China's first production of fully automatic washing machines, Simpson automatic washing machine was a national the appliances top ten best-selling products one after the share capital of the small, high cost, poor management, as well as changes in the market as a result of capital not Foreclosed discontinued in June 1989. 12 period of the same year, the relevant departments to approve the liquidation. August 1, 1991 as the Bank of China, the largest creditor of the company, Tianjin Branch for bankruptcy Tianjin Simpson.
Tianjin Branch of Bank of China as the sole buyers' bid the reserve price of 14.4 million yuan, to become the final shot given people Appliance Co., Ltd, Tianjin Simpson bankruptcy property.