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CHINA’S first Internet auction of planes wrapped up Tuesday Jerry Rice Womens Jersey , with the Shenzhen-based logistics company SF Express winning the bids for two cargo planes at over 320 million yuan (US$48.35 million), Xinhua reported.


Three cargo planes were available for bidding. They were previously owned by Jade Cargo International Co. Ltd., a Sino-German cargo company that filed for bankruptcy at the Shenzhen Intermediate People’s Court in 2013.


The court’s auditors found that Jade Cargo had assets totaling around 1.7 billion yuan, but debt amounting to around 4.7 billion yuan as of Sept. 17, 2013.


The main assets owned by Jade Cargo were three Boeing 747 cargo planes and 11 engines. Since Oct. 26 Joe Montana Womens Jersey , 2015, the auditors had carried out six auctions to sell the cargo planes, but none of the auctions sold the planes .


The auditors resorted to an online auction with a starting price of 390 million yuan. Under the court’s guidance, all three cargo planes, along with the engines C.J. Beathard Womens Jersey , were put onto Alibaba’s online auction platform.


At 10 a.m. Monday, the auction for the planes registered as B-2421 (including 3 GE engines), B-2422 (including 4 GE engines) and B-2423 (including 4 GE engines) began. The starting prices were 122.6 million yuan, 134 million yuan and 135 million yuan, respectively.


The B-2421 cargo plane was parked at the Shenzhen airport while the other two were parked at Shanghai Pudong International Airport. The auctions attracted nearly 800 Reuben Foster Womens Jersey ,000 viewers online.


After 26 rounds of bids, SF Express bought the B-2422 for 160.78 million. The logistics giant also nailed down the B-2423 for 162.04 million after 27 rounds of bids.


One of the auctions failed because only one buyer registered a bid, the court said.


According to Long Guangwei, deputy director of Shenzhen Intermediate People’s Court, buyers were required to pay various amounts of deposits before the auction.


It has become a trend for courts to hold online auctions since 2012 when the Supreme People’s Court launched a trial online judicial auction. In August 2016 Kentavius Street Womens Jersey , the court gave an official judiciary explanation of online auctions. Since the beginning of this year, courts around the country have started to launch online judicial auctions.


So far, Alibaba’s online auction platform has auctioned off 330,000 items with a trade volume of 460 billion yuan.


Luo Weixing, the general manager of the auction department at Alibaba Group Tarvarius Moore Womens Jersey , said that the online judiciary auction is an innovative method that can fully protect the stakeholders’ interests with a fair, open and efficient system. (Zhang Qian)


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