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. Last Updated: 07/27/2016

Mongolia Store Draws No Bids

ULAN BATOR, Mongolia -- Mongolia failed in its second attempt to auction off its only department store on Monday when no one turned up to bid, state privatization officials said.

Seven smaller state-owned shops were sold at the auction but the main attraction, the capital's department store, remained firmly in government hands, the officials said.

"The auction of the State Department Store was supposed to start [this morning], but nobody came," said Odgerel, a committee official. The 3.4 billion tugrik ($4.9 million) minimum price for the seven-story shop could have been one reason for the lack of domestic buying interest, Odgerel said.

"Perhaps nobody had so much money," she said, adding the government now had to decide whether it would try once more to auction off the store, which employs 475 people.