Some of the biggest e-commerce platforms in the world are based in China. While they’re commonly used for purchasing clothes, electronics, and other products, you might not expect to see a Boeing 747 jet being auctioned off at one of those platforms. However, that’s precisely what China’s biggest e-commerce platform Taobao did. It auctioned not one but two jumbo jets.
Taobao is an online e-commerce platform that’s owned and operated by Alibaba Group, one of the biggest players in the e-commerce market.
The Xinhua News Agency reported that SF Airlines bought two Boeing 747 freighter planes on Taobao. It bid over 320 million yuan or $48 million for the two planes. The jets were being sold by the Intermediate People’s Court of Shenzhen City. There was even a third jet up for auction but it failed to sell.
The court’s vice president Long Guangwei told Xinhua that “Online auctions are a good way to handle the property of bankrupt firms.” The jets were originally owned by Jade Cargo International and were auctioned off on Taobao after the firm went bankrupt.
Taobao actually operates a court auction platform where assets seized from across China are listed for auction. The listings include industrial equipment, real estate, and vehicles. It even auctions bad loans from Chinese companies.
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