Taobao, a Chinese online shopping website similar to eBay and Amazon, just sold two Boeing 747-400 Freighters for nearly $50 million on Tuesday.?
Reuters Picture for Representation
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According to a report in the Xinhua news agency, the Jumbo Jets were bought by a Chinese air cargo company SF Airlines? for over 320 million yuan ($48 million).?
The sale was concluded after six failed attempts at offline private auctions organised by the seller ¨C a state court ¨C in the past few years, state local reports.?
Three Boeing 747-400s had been put up for sale on TaobaoĄ¯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.
Reuters/Picture for representation
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Taobao, the shopping platform of e-commerce giant Alibaba, is immensely popular in China and estimated to hold more than 90 per cent of the consumer-to-consumer market.
Its hundreds of millions of users include courts trying to auction off assets of bankrupt businesses.
Xinhua said Taobao started a judicial sales platform in 2012 with which most Chinese courts have registered, reports AFP.?