Taobao is no longer merely for buying socks and rice cookers.
China Cinda Asset Management, the state-owned bad-loan bank, this week auctioned off two unpaid debts on a new auction platform established by ecommerce group Alibaba on its flagship site.
The deals, while small, highlight how the marriage of technology and finance offers new avenues for dealing with what economists expect will be a rising tide of loan delinquencies as China’s economy slows.
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