Economy

Boeing 747 Jumbo Jets Were Just Sold on China's Version of eBay

Boeing 747 Jumbo Jets Were Just Sold on China's Version of eBay

The sky seems to be the limit for Chinese online shopping portal Taobao, which auctioned off two Boeing 747 jumbo jets on Tuesday for almost $50 million.

According to the agency the seller was the Intermediate People's Court of Shenzhen City.

Its hundreds of millions of users include courts trying to auction off assets of bankrupt businesses. Taobao, which means "digging for treasure, " also auctions off bad loans from Chinese companies.

Taobao's court auction platform is a trove of assets from cities across China, with real estate, industrial equipment and vehicles - in various states of fix - up for bids.

According to the court, it is the first time aircraft aircraft have been the subject of a Taobao judicial auction.

More news: BP to sell Bruce assets in North Sea to Serica

"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.

According to the South China Morning Post the court had seized the Boeings after a cargo company went bankrupt in 2013.

"Online auctions save time and service fees for bidders", he said.

The court made a decision to auction the planes on Taobao, the Chinese equivalent of e-Bay, after several offline auctions had failed to raise the required price.

Nearly all of the chinese court are recorded on the sales platform of justice Taobao since its creation in 2012, according to new China.


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