Huge vessel 'Varada Blessing' finally sells on Taobao

GUANGZHOU - A Singapore-flagged vessel "Varada Blessing" was auctioned off for 81 million yuan ($12 million) at Taobao.com, Guangzhou Maritime Court and higher people's court in South China's Guangdong province told Xinhua Tuesday.

The vessel, previously owned by Varada One Ptd Ltd, was berthed in the Pearl River estuary following an admiralty dispute.

The ship had been put up on Taobao for auction twice but failed to reach its reserve. In December last year, Guangzhou Maritime Court decided to try again.

The vessel is 332 meters long and 58 meters wide. It has a gross tonnage of 157,000 tons.

The auction attracted 33,000 viewers online and received 19 offers from six bidders. Natalia Shipping Co Ltd finally won at 81 million yuan.

Courts in China are now auctioning seized property online. More than 120 courts in Guangdong have registered on Taobao's judicial sales platform, with online auction sales by the judicial sector in the province jumping from 100 million yuan in 2014 to 10 billion yuan last year.