Beijing, October 10 (ZXS) -- China's Ministry of Finance announced the results of the joint inspection of the asset appraisal industry in 8 on the 8th, and relevant appraisal institutions and asset appraisers were punished.

Prior to the announcement of the inspection results, from July to December 2022, the Supervision and Evaluation Bureau of the Ministry of Finance, together with the China Association for Appraisal and Evaluation (China Appraisal Association), organized six regulatory bureaus of the Ministry of Finance to complete the practice quality inspections of eight asset appraisal institutions (hereinafter referred to as valuation institutions) that were registered for securities service business. The inspection found that the eight assessment institutions were basically able to conduct business in accordance with the evaluation standards and professional ethics, but there were still some problems in the quality of practice, internal governance, quality control and professional competence.

In the end, the Ministry of Finance imposed administrative penalties on 2 appraisal institutions and 4 asset appraisers, the China Association imposed industry self-discipline punishments on 2 appraisal institutions and 8 asset appraisers, and the Hainan Asset Appraisal Association reminded 1 appraisal institution to talk. In addition, the other three assessment agencies were urged to rectify the problems found in the inspection.

Among them, the appraisal institutions punished by the Ministry of Finance were Shenzhen Changji Asset Appraisal Real Estate Land Valuation Co., Ltd. and Sichuan Zhongtianhua Asset Appraisal Co., Ltd., and the two companies and the relevant signatory asset appraisers were respectively warned and ordered to suspend business for three to six months. Xiamen Qianyuan Asset Appraisal and Real Estate Valuation Co., Ltd., Huiyu China Securities Asset Appraisal (Beijing) Co., Ltd. and their related signatory asset appraisers were warned by the China Appraisal Association.

The Ministry of Finance stressed that it will increase the intensity of law enforcement inspections of the asset appraisal industry, maintain a high-pressure situation of "strict supervision and zero tolerance", seriously investigate and deal with violations of laws and regulations in the asset appraisal industry, promote the improvement of the quality of industry practice, and maintain a healthy and orderly market environment. (End)