(Yicai Global) Dec. 27 -- Zhejiang Taobao Network Limited, better known as Taobao.com, trading platform and an affiliate of Alibaba Group Holding Ltd. (NYSE:BABA), will host a multimillion-dollar auction. A Hilton hotel under construction in Taiyuan, North China's Shanxi province, will be auctioned at a starting price of CNY550 million (USD83.9 million), making it China's largest online auction bid.
The deal is expected to become the largest of its kind by transaction value on Taobao.com if it finds a buyer, reported state-run Xinhua News Agency on Dec. 25. The Supreme People's Court of Shanxi Province will oversee the public auction of Taiyuan's tallest building, the Hilton Hotel, including all of its 37 floors plus two basement floors and the land area, through judicial auction network platform on Taobao.com, the report added. The auction will commence at 10.00 a.m. on Jan. 2, 2018 and will be open to bidding for 24 hours.
Hilton Hotel Management (Shanghai) Co. and Shanxi Jinhao International Hotel Co. jointly develop the Hilton Hotel project in Taiyuan, a provincial-level key project in Shanxi. Its construction restarted last year. It is 156 meters high and has a total construction area of 76,100 square meters.
Despite its original project, started in 2010, planned to finish construction by 2011, lack of funds delayed the project, making it the first unfinished five-star business hotel in Shanxi province, said a notice from the Supreme People's Court of Shanxi.
Taobao's judicial auction platform auctioned various goods and products on its platform in recent years. Three Boeing 747 cargo planes were officially auctioned on the platform on Nov. 20. After many rounds of bidding, SF Airlines, owned by logistics firm SF Express Co., purchased two of them for CNY320 million. Suzhou Gusu District People's Court auctioned 372 live sika deer at the end of November. Suzhou Shangfangshan Forest Zoo won the bid with an offer of CNY1.72 million.