Taobao Launches Online Auction Platform
TechWeb, 6/28/12
Hangzhou-based C2C & B2C e-commerce site Taobao and the High People's Court of Zhejiang Province launched a new judicial auction platform (http://sf.taobao.com) on June 27. Taobao announced that assets confiscated as the result of suits before the court will be offered for auction on the new platform.
Bidding in the judicial auction will comprise three stages - buyers will submit their names and pay a deposit, offer a purchase price, and then pay the agreed amount to complete the transaction. Unlike standard online auctions, the judicial auctions will require buyers to verify their identities, meaning that buyers will be unable to take part unless they enter accurate personal information for their Alipay accounts.
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