When bad loans were first auctioned on Taobao—Alibaba’s e-commerce platform—foreign observers were generally incredulous, chalking it up as the sort of Chinese-style financial innovation that would either not catch on or, if it did, would quickly flame out. More recently, when three Boeing 747s and, separately, a skyscraper were auctioned on Taobao after being seized from delinquent debtors, the media… READ MORE
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