Published: Wed, November 22, 2017
Money | By Armando Alvarado

Alibaba's Taobao just auctioned off two Boeing 747 planes

Alibaba's Taobao just auctioned off two Boeing 747 planes

China's SF Airlines Co set a ourchase record on Taobao, the country's biggest e-commerce platform, yesterday bidding over 320 million yuan ($48 million) for two Boeing 747 freighter planes, Xinhua News Agency reported.

Both aircraft were kept in storage after the authorities seized them following their previous owner, Jade Cargo International, filing for bankruptcy in September 2013.

The other plane - stored at Shenzhen Baoan International Airport - was not sold because only one buyer registered for the auction.

BEIJING | Two planes Boeing 747 have been sold at auction on Tuesday in China for more than 46 623 600 $... on the main site chinese general public to trade online.

The planes had been put up for auction offline six times since October 2015, with each deal falling through.

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Taobao's court auction platform was launched in 2012, in order to sell property, industrial equipment and vehicles.

"These successful sales of the Boeing 747 are good examples to follow in the future for sales legal aircraft in China", said Long Guangwei, the vice-president of the tribunal, quoted by new China. Taobao, which translates roughly as "digging for treasure", also auctions off bad loans from Chinese companies, according to Bloomberg.

It eventually hit upon the idea of listing them on Taobao, an auction site owned by Chinese e-commerce giant Alibaba.

Perhaps unsurprisingly, this appears to be the first time an aircraft of this size has been sold on Taobao. Finally in September, the court made a decision to try Taobao's auction platform.

"Online auctions save time and service fees for bidders", he said. Nearly all the Chinese courts are registered on the site now.

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