Fancy a plane this black Friday? Alibaba’s got you covered!
Ecommerce is about more than just getting your groceries from Amazon or streaming your favourite show on Netflix. In China, you can buy planes. On Tuesday, SF Airlines Co. used China’s biggest Ecommerce platform – Alibaba-owned Taobao – to buy two Boeing 747 freighter planes. Xinhua News Agency, which reported the news, cited the seller as the Intermediary People’s Court of Shenzen City. The planes cost $48 million, and a third Boeing failed to sell.
Alibaba’s share price is up by 117% so far this year
SOURCE: Yahoo Finance
This is yet another example of how incredibly huge China’s Ecommerce market really is. Taobao’s court auction platform contains a stunning variety of unusual assets including temples, office blocks and construction equipment – all in various states. Long Guangwei, vice president of the Intermediary People’s Court of Shenzen City, told Xinhua News that: “online auctions are a good way to handle the property of bankrupt firms.” The jets’ original owner was listed as Jade Cargo International.
The news also demonstrates how dominant Alibaba is on the Chinese Ecommerce market. It not only offers a traditional online retail experience through Tmall, cloud hosting, and online payment methods, but can even sell you planes! Little surprise, then, that the company’s various platforms accounted for more than 75% of online retail sales in 2015.
Dominion holds Alibaba in its Global Trends Ecommerce Fund.
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