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CHINA’S first Internet auction of planes wrapped up Tuesday, with the Shenzhen-based logistics company SF Express winning the bids for two cargo planes at over 320 million yuan (US$48.35 million), Xinhua reported.

Three cargo planes were available for bidding. They were previously owned by Jade Cargo International Co. Ltd., a Sino-German cargo company that filed for bankruptcy at the Shenzhen Intermediate People’s Court in 2013.

The court’s auditors found that Jade Cargo had assets totaling around 1.7 billion yuan Greg Olsen Shirt , but debt amounting to around 4.7 billion yuan as of Sept. 17, 2013.

The main assets owned by Jade Cargo were three Boeing 747 cargo planes and 11 engines. Since Oct. 26, 2015, the auditors had carried out six auctions to sell the cargo planes Kawann Short Shirt , but none of the auctions sold the planes .

The auditors resorted to an online auction with a starting price of 390 million yuan. Under the court’s guidance, all three cargo planes, along with the engines, were put onto Alibaba’s online auction platform.

At 10 a.m. Monday Trai Turner Shirt , the auction for the planes registered as B-2421 (including 3 GE engines), B-2422 (including 4 GE engines) and B-2423 (including 4 GE engines) began. The starting prices were 122.6 million yuan, 134 million yuan and 135 million yuan, respectively.

The B-2421 cargo plane was parked at the Shenzhen airport while the other two were parked at Shanghai Pudong International Airport. The auctions attracted nearly 800 Ryan Kalil Shirt ,000 viewers online.

After 26 rounds of bids, SF Express bought the B-2422 for 160.78 million. The logistics giant also nailed down the B-2423 for 162.04 million after 27 rounds of bids.

One of the auctions failed because only one buyer registered a bid, the court said.

According to Long Guangwei, deputy director of Shenzhen Intermediate People’s Court Luke Kuechly Shirt , buyers were required to pay various amounts of deposits before the auction.

It has become a trend for courts to hold online auctions since 2012 when the Supreme People’s Court launched a trial online judicial auction. In August 2016, the court gave an official judiciary explanation of online auctions. Since the beginning of this year, courts around the country have started to launch online judicial auctions.

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