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You can buy almost anything on Taobao, China’s biggest e-commerce platform, even a jumbo jet.
While most Chinese consumers traffic the Alibaba Group Holding Ltd. app for groceries, clothes, or the odd knickknack, SF Airlines Co. took Taobao shopping to a whole other level on Tuesday.
The Chinese carrier bid more than 320 million yuan ($48 million) for two Boeing 747 freighter planes, according to the Xinhua News Agency, which cited the seller: the Intermediate People’s Court of Shenzhen City. A third plane failed to sell.
“Online auctions are a good way to handle the property of bankrupt firms,” Long Guangwei, the court’s vice-president, said to Xinhua. The jets originated from Jade Cargo International, the Taobao listings show.
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 repair — up for bids. Taobao, which translates roughly as “digging for treasure,” also auctions off bad loans from Chinese companies.
Alibaba dominates e-commerce in China, with Taobao and the company’s other shopping platforms accounting for more than 75 percent of online retail sales in 2015.
©2017 Bloomberg L.P.