The first judicial auction was completed Tuesday by an online auction platform run by Alibaba Group, a leading domestic e-commerce company, in a move analysts say will improve the transparency of judicial sales in China.
The property, which is located in the Xiaoshan district of Hangzhou, East China's Zhejiang Province, is a 35.12-square-meter apartment including home appliances, and was sold at online auction by the local court via paimai.taobao.com.
The auction ran from 10 am Monday to 10 am Tuesday, with the starting price at 280,000 yuan ($44,940). A total of 33 bids were received, with a winning bid of 356,000 yuan.
Bidders on paimai.taobao.com are required to register with their real names before an auction begins, and must deposit a bid bond in their online accounts on Alipay, Alibaba Group's third-party online payment platform. In this case, each bidder paid 40,000 yuan as the bid bond, which will be unfrozen and returned to all but the winning bidder after the auction ends.
Paimai.taobao.com opened a special division for online judicial auctions on June 26, 2012, in cooperation with Zhejiang Higher People's Court.
"The officials from Zhejiang Higher People's Court came to us in an attempt to directly operate their sales of seized property via our websites," Tian Xin, a staff member of paimai.taobao.com, told the Global Times Tuesday, noting that at present no commissions are charged for any auctions held on paimai.taobao.com.
Landmark building should respect the public's feeling
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