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
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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.
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