Alibaba’s Taobao Resolves To Auction Two Boeing 747 Planes

Alibaba is making great progress in terms of business and at the moment it is possible to buy anything on Taobao, which happens to be China’s biggest e-commerce platform. Even that person that needs a jumbo jet is covered and thus there is no cause for worry.

A large number of the Chinese consumers have always trafficked Alibaba Group Holding Ltd. app for the odd knickknack. SF Airlines Co is believed to have taken Taobao shopping to even greater heights as reports indicated on Tuesday.

The Xinhua News Agency disclosed that the Chinese carrier bid more than 320 million yuan. That was specifically for the two Boeing 747 freighter planes and one of the company officials has revealed that the third plane failed to sell.

Online auctions according to market experts are said to be one of the best ways for handling the property of bankrupt firms. The court’s vice-president, Long Guangwei made the confirmation during one of his recent interviews.

Guangwei has also disclosed that these jets originated from Jade Cargo International. That was also stipulated in the Taobao listings show.

Taobao’s court auction platform happens to be a trove of assets from a series of cities in China with vehicles, industrial equipment and real estate up for bids. Taobao is a term that stands the words “digging for treasure,” and has over the years focused on auctioning off the bad loans from a wide array of the Chinese companies.

Alibaba has been a major force in the e-commerce industry in China. Taobao together with the rest of the company’s platforms accounted for almost 75 percent of online retail sales in 2015.

Alibaba’s spokesperson opined, “It has been a long journey for us to get to where we currently stand as a company. They have been years of toil and we have come face to face with challenges, but we are glad that we have managed to maintain our relevance in the market through it all.”

The recent move by the company has received applause and criticism in equal measure. However, a company official asserted that the company was doing what it deemed best towards its own progress.

When asked by news reporters about whether they were going through problems as a company at the moment, he was quick to respond. He said that there were a number of things that needed fixing including making minor changes in the company’s workforce.