Economics
Online Property Sales Are Booming in China
- Distressed property listings jump 88% on Alibaba’s Taobao site
- Real estate auctions often start at two-thirds market price
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From a three-story villa in Chongqing to a rundown factory in Jiangsu province, you can search, find, and buy it without leaving your living room in China.
Online distressed property sales are booming in the world’s largest bad-debt market. Global funds like Oaktree Capital Group LLC and Bain Capital LP are getting in on the action but the internet has meant even individuals or smaller companies can snag a bargain. Banks, real estate firms and people saddled with debt they can’t service are facing either forced sales or are keen to offload assets for quick cash.