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Trade association says Taobao auction illegal
By Wang Qingchu |
July 12, 2012, Thursday
|
Online Edition
Online Edition
A high-profile online auction of court-held properties via Taobao.com, China's biggest e-shopping platform, was illegal, said the China Association of Auctioneers.
The online auction, held by the Zhejiang Higher People's Court and Taobao.com, didn't comply with related laws. Once adopted in other places, the practice would jeopardize the order of the auction market, the association said in a statement yesterday.
Taobao.com is not allowed to engage in auction business because it didn't acquire necessary credentials, Ouyang Shuying, deputy secretary of the association, told Beijing News.
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.
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 online auction, held by the Zhejiang Higher People's Court and Taobao.com, didn't comply with related laws. Once adopted in other places, the practice would jeopardize the order of the auction market, the association said in a statement yesterday.
Taobao.com is not allowed to engage in auction business because it didn't acquire necessary credentials, Ouyang Shuying, deputy secretary of the association, told Beijing News.
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.
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.
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