Netizens express interest in vehicles from Ordos

Many netizens are expressing their interest in second-hand vehicles from Ordos, in North China's Inner Mongolia autonomous region, after a news report said that many debt-burdened entrepreneurs in the area are selling their vehicles at low prices.

Famous for its rich reserves of natural resources, including coal, rare earths, and natural gas, Ordos used to be one of China's richest cities with lots of expensive cars on the streets.

However, the local economy has suffered due to the decreasing coal prices and the slowdown of China's economic growth since the beginning of the year. Many businessmen ran into debt.

The prices of second-hand vehicles dropped considerably with many businessmen selling the cars to pay debt, said a report in the Economic Observer on Saturday.

A 2010 Toyota Land Cruiser, which costs about 1 million yuan ($159,230) new, is being sold for about 110,000 yuan, the report said.

Many other types of expensive vehicles are also being sold at low prices, the report added.

Many netizens wrote on their micro blogs on Sunday that they are considering going to Ordos to buy cheap second-hand vehicles after reading the report.

However, Zhao Gang, a second-hand car dealer in Ordos, told China Daily that the prices of second-hand vehicles may be higher than those mentioned in the report.

"It's true that lots of bosses are selling their cars due to the economic slowdown," he said. "But the prices are normal."

Wang Haiwen, another second-hand car seller in Ordos, said that the secondary market has always been thriving in the region.

"When the bosses got rich, they sold their vehicles to buy new ones, and when they became poor, they also sold their vehicles to get money," he said.