Legal basis: Provisions of the Supreme People's Court on Auction and Sale of Property in Civil Execution by People's Courts.
Article 16 In the auction process, if there is the highest bid, the preemptive right holder may indicate that he will buy and accept it at the highest bid. If there is no higher bid, it shall be recovered to the preemptive right holder; If there is a higher bid, but the preemptive right holder does not express it, it will be auctioned to the bidder with the highest bid.
If multiple preemptive rights holders in the same order express their acceptance at the same time, the buyer shall be determined by drawing lots.
Article 26 If there is no bidder in the auction or the highest bid price of the bidder is lower than the reserve price, and the application executor or other enforcement creditors present do not apply to pay off the debts at the reserve price set in this auction, they shall auction again within 60 days.