The Business Times
The Business Times
Subscribe
Share on FacebookShare on TwitterView more
The Business Times
Create a free account with Business Times for seamless access across SPH Media products.
REGISTER
LOGIN

Companies & Markets

SUBSCRIBERS

China's Taobao selling carts of bad loans online

The platform typically markets more than 1b yuan of soured assets a day, according to Bloomberg calculations

Published Tue, Jul 11, 2017 · 09:50 PM
Share this article.

Hong Kong

AMONG the sneakers, diapers and pet food for sale on Taobao, China's biggest e-commerce platform, is a listing that may take up a little more space in the online shopping basket.

For 4.15 million yuan (S$844,710), customers on the site owned by e-retailing giant Alibaba Group Holding can bid for the debt of a steelmaker in Zhejiang, a coastal province in eastern China. The company has failed to pay back a 9.95 million yuan loan, including interest, so a distressed asset manager is auctioning it off to the highest online bidder.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Consumer & Healthcare

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here