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Ningbo courts sold 2 cars via Taobao
By Dong Zhen |
July 11, 2012, Wednesday
|
Online Edition
Online Edition
CHINA'S first online auction of court-held properties was held successfully yesterday and two cars were sold to bidders via Taobao.com, the country's biggest e-shopping platform.
More than 300,000 people registered for the online auction of a BMW 730 and a Mitsubishi Outlander SUV held by two courts in Ningbo City, Zhejiang Province, Taobao said.
Chinese courts are now encouraged by the central government to use a third-party e-trade platform to hold judicial auctions to ensure transparency and avoid foul plays.
The BMW sedan with a starting price of 199,900 yuan fetched 330,900 yuan. The Outlander SUV was sold for 67,000 yuan, also higher than its starting price of 50,000 yuan.
The two courts said they will hold more auctions on Taobao to sell houses, machinery and other properties after the initial trial.
Legal experts said the new practice can ensure fairness and prevent undervalue sales of court-held properties to people with connections to the auction houses.
More than 300,000 people registered for the online auction of a BMW 730 and a Mitsubishi Outlander SUV held by two courts in Ningbo City, Zhejiang Province, Taobao said.
Chinese courts are now encouraged by the central government to use a third-party e-trade platform to hold judicial auctions to ensure transparency and avoid foul plays.
The BMW sedan with a starting price of 199,900 yuan fetched 330,900 yuan. The Outlander SUV was sold for 67,000 yuan, also higher than its starting price of 50,000 yuan.
The two courts said they will hold more auctions on Taobao to sell houses, machinery and other properties after the initial trial.
Legal experts said the new practice can ensure fairness and prevent undervalue sales of court-held properties to people with connections to the auction houses.
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