Taobao to reauction third Boeing 747 freighter

SHENZHEN - A second auction will be held on Taobao, Alibaba's e-commerce platform, on Thursday, for the third of three Boeing 747 freighters, after it was not sold with the other two planes during a previous auction.

The third plane failed to find a buyer during the auction on Nov. 21, Alibaba said Wednesday, adding that the opening bid will start at 98 million yuan ($14.8 million), compared with 122.6 million yuan during the previous auction.

The Shenzhen Intermediate People's Court in south China's Guangdong Province confirmed that two buyers will enter the bidding in the second online judicial auction on Thursday.

The court said the first two freighters were both bought by China's leading delivery firm SF-Express after it outbid an Israeli firm.

Online judicial sales allow foreign buyers to bid, as opposed to a restriction on foreign buyers in offline auctions, the court said.

The freight planes were previously owned by Jade Cargo International, the first Chinese cargo carrier with foreign investment. The company folded in 2013.