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Chinese site to auction 1,500 Portugal’s  Algarve properties

Chinese site to auction 1,500 Portugal’s Algarve properties

LISBON: About 1,500 houses and flats in the Algarve are to start being auctioned next Wednesday on Taobao, China’s largest e-business portal, an official Chinese newspaper said this week.

About 1,500 houses and flats in the Algarve are to start being auctioned next Wednesday on Taobao, China’s largest e-business portal, an official Chinese newspaper said this week. Overall, the properties are valued at about €242.5 million and range from 231 to 363 square metres, the China Daily said.

The paper said the bidding would be managed by Paimai using Taobao’s site which specialises in auctions and aims to “satisfy the growing demand for foreign property by rich Chinese nationals”.