China: Unfinished Skyscraper To Be Auctioned Online

Many things are auctioned around the world but China will soon put up one of the biggest. We’re talking about an unfinished skyscraper, which is up for sale by a local court. The building was listed on Taobao, an online shopping website, after it was seized by the court.

The auction for the skyscraper, which is located in the northern Shanxi province, will begin on January 2. The asking price is $83 million, which is a small price considering that a large percentage of the structure has been completed. According to the Xinhua news agency, construction of the skyscraper began back in 2006. The project was scheduled to be completed in 2011 but the company never finished it.

The building was later seized by the court since the developer was never going to complete it. According to reports, the developer had funding issues and stopped construction of the skyscraper.

The local court will now sell it to find someone who can complete the building. Photos inside and outside the building show that the structure still needs a lot of work. The photos show walls that still haven’t been painted, windows missing, and lots of construction materials sitting inside the floors.


A few weeks ago, the country also attempted to do the same with another building. The 28-floor building had an asking price of $33 million but there were no bids. It has not been revealed if the local court will attempt to sell the building again. The site did sell two Boeing 747 jumbo jets in November for $48 million. The planes had been seized by a court after a cargo company filed for bankruptcy.

The planes had gone through several auctions before the court decided to sell them online. The planes had been stored since 2013 and one of the buyers was reportedly an airline, which had the highest bid out of 25 others. A third plane remains unsold after the auction didn’t get enough bidders.

Lu Weixing, General Manager of Alibaba, the company that operates Taobao, told the Xinhua news agency that online auctions help transparency in legal affairs because all the information is displayed there. Courts across the country now use the online shopping website to auction buildings and other things seized.

 


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Sean Farlow
Sean Farlow
University graduate with a bachelor's degree in business administration. Big fan of sports teams from South FL.

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