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21:25, 22-Nov-2017
Two Boeing 747s sold in online auction in China
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China’s SF Airlines won bid for two Boeing 747 planes in an online auction on Tuesday.
The auction took place on Taobao, Alibaba’s e-shopping website, fetching over 320 million yuan (48 million US dollars).
SF Airlines secured the purchase, beating 25 other bidders.
The previous owner, Jade Cargo International, went broke in 2013. The court handling the bankruptcy, Shenzhen Intermediate People's Court, had tried to sell them since 2015 in six offline auctions, which all failed.
It is the first time aircrafts have been the subject of a Taobao judicial auction, the court said. The auction gathered over 800,000 viewers.
The screen shot of the online auction of Boeing 747 on Taobao Website/ Xinhua Photo
The screen shot of the online auction of Boeing 747 on Taobao Website/ Xinhua Photo
"Online auctions are a good way to handle the property of bankrupt firms," said Long Guangwei, the court's vice president.
"Online auctions save time and service fees for bidders," he said.
Almost all Chinese courts have registered on Taobao's judicial sales platform since the service was launched in 2012.
Over 330,000 objects have been auctioned there for a total of 460 billion yuan (about 69.6 billion US dollars).
"Online auctions help transparency in legal affairs because all information is there for all to see," said Lu Weixing, general manager of Alibaba's auction business.
Financial, tax and land resources authorities, customs and police have used online auctions, Lu said. There have been several online auctions of company shares, land use and steel production capacity quotas, whose value reached billions.
Source(s): Xinhua News Agency