The liquidators of bankrupt Guangdong International Trust & Investment Corp (Gitic) raised 350 million yuan (about HK$328 million) yesterday from the auction of the company's 75 per cent stake in Jiang Wan New City, a hotel and office complex in central Guangzhou. Only three potential buyers attended the auction, which required a 50 million yuan deposit. Bidding started - and ended - at 350 million yuan, after only one bid was received. The sale nevertheless came as a relief to liquidators after two recent attempts to auction another former Gitic property in Guangzhou, the Guangdong International Building, failed to attract bids. The 350 million yuan sale price was well below Jiang Wan New City's estimated value, put at 870 million yuan by the liquidation committee and auctioneers. The buyer of the 75 per cent stake, who refused to be identified, also inherited 400 million yuan of bank debts owed by Jiang Wan New City, meaning the sales price was in line with the property's overall net value. Set on the bank of the Pearl River, the development includes the four-star Gitic Riverside Hotel, three office towers and commercial shopping space. Tenants include shops and the nightclub Focus, a popular rave venue. A vacant plot on which Gitic had received approval to build a 38-storey residential tower but had finished only its foundation was part of the package. According to the four auction houses that organised the sale, a luxury residential tower built on the plot could command prices of more than 10,000 yuan per square metre. With a 75 per cent stake, the new owner will assume six of the property's eight board seats, giving it effective control over the hotel and associated office towers. With Jiang Wan New City successfully sold, Guangdong International Building is the last major asset still held by Gitic's liquidation committee. So far, two attempts at auctioning Guangdong International Building have ended in failure. In December, buyers baulked at a starting bid price of 1.6 billion yuan. Gitic's liquidation committee tried again on Wednesday, and lowered its starting bid price to 1.3 billion yuan. But again no bids were received. Gitic was declared bankrupt in January 1999 with debts estimated at 39 billion yuan, only about half of which were subsequently legitimised by the courts. Yet three years on, and with most of Gitic's assets disposed of, creditors have received back only about 900 million yuan.