Online auctions prove a big hit

People love the idea of picking up a bargain. And thanks to China's rapidly developing internet sector, more consumers are enjoying the excitement of bidding on online auction sites, such as e-commerce giant Alibaba's Taobao platform.

Alibaba Group Holding Ltd said at its first online auction summit on Saturday that the top five cities showing the greatest enthusiasm for online auctions are Beijing, Shanghai, Hangzhou, Guangzhou and Shenzhen.

Based on data collected from its e-commerce platforms, the company found that the most popular items in its online auctions were jewelry, luxury goods, tea, wine, seal-carving products and real estate.