Regulations Governing The Recognition Of An Impartial Third Party And Its Public Auction Procedure Article 13

An impartial third party should set up a Real Estate Auction Floor Price Appraisal Committee, which should comprise more than five members. The Committee would determine the floor price of real estate which has been entrusted for auction, and the floor price so determined would be reported to the Board of Managing Directors or Directors for information. More than two-thirds of the members of the Floor Price Appraisal Committee mentioned above should be architects, real estate appraisers or those who have actually engaged in real estate appraisal for more than five years, and real estate brokers. When entrusted to handle the auction of real estate, an impartial third party should appraise the floor prices of land and building separately in accordance with the floor price appraisal regulations approved by the Board of Directors.