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Mon, Nov 27, 2017

Chinese Airline Buys Two 747s In Online Auction

Had Been Seized From Jade Cargo In Bankruptcy Proceeding

Proving that you can buy just about anything online, Chinese cargo airline SF Airlines has purchased two 747 jumbo jets in an online auction for the equivalent of $48 million.

The airplanes were offered on the Chinese online shopping platform Taobao, according to a report from Mashable online. They had been owned by Jade Cargo International, but had been seized by a court in the Chinese city of Shenzhen when the carrier declared bankruptcy in 2013.

The Chinese media outlet Xinhua reported that SF Airlines outbid 25 other buyers for the airplanes. The auction attracted the interest of 800,000 viewers.

The planes had been offered for sale a regular auctions six times since October 2015, but no buyers were found. Left with few options, the court listed them in the online auction in September.

It is believed that this is the first time such jets have been sold in China in an online auction.

(Image from file)

FMI: Original report

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