In a first for not just China, but the entire world, Alibaba’s online auction website, Taobao, has successfully auctioned off two Boeing 747-400 jumbo jets for a combined $49 million. The jets were bought by Chinese cargo airline SF Airlines after they were seized by courts during Jade Cargo’s bankruptcy proceedings in 2013. According to the South China Morning Post, the successful online auction was conducted after six failed private auctions.
Two Boeing 747-400 Freighters were sold on Tuesday on Taobao, the online shopping platform owned by Alibaba, for a combined 322.8 million yuan (US$49 million), reflecting the first time such jets were sold via online auction in China, and possibly the first-ever globally at online auction.
The sale was concluded after six failed attempts at offline private auctions organised by the seller – a state court – in the past few years.
SF Express, China’s largest private courier, bought the jets from the Intermediate People’s Court in the southern city of Shenzhen, which seized them after Jade Cargo International filed for bankruptcy in 2013.
Three Boeing 747-400s had been put up for sale on Taobao’s judicial auction arm from Monday to Tuesday. One of the jets parked at the Shenzhen Bao’an International Airport went unsold, with a starting bid of 122.6 million yuan.
This post was published at Zero Hedge on Nov 22, 2017.