After failing 6 offline auctions, Boeing 747 Jumbo Jets sold in online auction in China

Written by Shehryar Ahmed ·  45 sec read >
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Chinese ecommerce giant Alibaba’s subsidiary online auction site, Taobao, recently saw a listing for a pair of Boeing 747 Jumbo Jets.

The listing was put up by a cargo company which went bankrupt, Jade Cargo International. The seller managed to get a whopping sum of 162 million Yuan’s for the airplanes, which is the equivalent of $48 million.

The buyer, a Chinese logistics company called SF Express overbid 27 bidders to acquire the airplanes. Bidding started at 135 million Yuan’s.

Attempts at selling the aircrafts through offline auctions had been made six times by The Intermediate People’s Court of Shenzen City, without much gain. Owing to facing constant failures, the decision to list the planes on Taobao was taken.

A third airplane of the similar characteristics was listed for sale as well, but sadly only one bidder registered, which lead to the listing being indecisive.

The Boeing 747s, also dubbed the Queen of The Skies has been facing major retirement counts all around the world. Only a handful of airlines still use it, and that too mainly for cargo freight.

This sale has been the most valuable transaction made through Taobao. Whereas globally the record of the most valuable sale belongs to Ebay, on which a Superyacht worth $85 million was sold in 2006.

Photo credits: Jetphotos

Written by Shehryar Ahmed
He covers international technology and consumer products for TechJuice. Also the Partnerships Lead, directly handles all university and college affiliations. Contact him at Tweets @shehryarahmed0 Profile