Unfinished skyscraper auction fails on Taobao

Updated 2018-01-05 09:01:05

The auction of an unfinished skyscraper, with a starting price of 550 million yuan (around 84 million U.S. dollars), has failed on Taobao, Alibaba's e-commerce platform.

A second auction will be held at the end of January or the beginning of February, according to the organizer of the event, the Shanxi Provincial Higher People's Court.

Located in Taiyuan, capital of north China's Shanxi Province, the unfinished building has a combined floor space of more than 76,000 square meters. Originally designed to be a hotel, the 39-floor unfinished building, along with the land it sits on, was publicly auctioned between Jan. 2 and 3, the court said.

Shanxi Jinhao International Hotel Limited Company invested in and built the hotel, and construction started in 2006. In 2010, major construction work was completed and the hotel was expected to open to the public in 2011.

But due to funding shortfalls on the part of the developer, the project was suspended, the court said.

In order to more effectively and transparently handle assets seized in lawsuits, almost all Chinese courts have registered on Taobao's judicial sales platform since the service was launched in 2012.

Alibaba's figures show about 330,000 items, including cars and residential and factory buildings, have been auctioned on the platform.

Two Boeing 747 freighters were successfully auctioned in November for a total of 320 million yuan, while the third plane sold for 146 million yuan in December.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58July 17 2018 21:33:22

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16July 17 2018 21:33:22

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18July 17 2018 21:33:22

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords