Alibaba teams up with Great Wall

Chinese e-commerce giant expands presence in bad loan asset auctions

Chinese e-commerce giant Alibaba Group Holding Ltd has joined hands with China Great Wall Asset Management Co Ltd, one of the country's four largest State-owned distressed asset managers, to expand its presence in non-performing asset auctions.

Alibaba said last week that it had signed up with China Great Wall to cooperate in non-performing asset disposition, financial services, industrial investments, mergers and acquisitions and international business, as the internet firm seeks to extend its reach beyond the traditional retail business.