Shopping

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

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

Sponsored
Shehryar Ahmed

He covers international technology and consumer products for TechJuice. Also the Partnerships Lead, directly handles all university and college affiliations.

Share
Published by
Shehryar Ahmed

Recent Posts

Pakistan’s IT Minister Defends Internet Restrictions: Here’s All We Know!

Shaza Fatima Khawaja, Minister of State for IT and Telecom, made it clear on Thursday…

4 mins ago

PayPal Resolves Global Outage Impacting Thousands

PayPal, the global payment processing company, announced on Friday that it had successfully resolved a…

53 mins ago

7,300 Teaching Interns Hired Across Punjab

LAHORE: Punjab government colleges have completed the recruitment of 7,354 teaching interns. The Higher Education…

1 hour ago

Pakistani Engineers To Get Free AI Training from PEC

The Pakistan Engineering Council (PEC) is launching a free six-week online training program on Generative…

2 hours ago

VPN Ban Could Cost Pakistan’s IT Industry $1 Billion, Warns P@SHA

The Pakistan Software Houses Association (P@SHA) has raised alarms about the severe impact of the…

15 hours ago

WhatsApp Trials Group Chat Mentions in the Latest Status Update Feature

WhatsApp is rolling out a new feature in its latest Android beta version, allowing users…

15 hours ago