Strong competition from Chinese rivals have led eBay to consider selling it’s China arm.
“The 21st Century Business Herald reported that Hong Kong-listed Tom Group would announce its takeover of eBay’s China division and its PayPal service within a few days, citing a well-informed source. An agreement between the two companies had already been signed, it said.” Source
eBay China’s office (photo: crienglish.com)
It seems eBay is struggling to compete against Taobao, the leading Chinese auction site, which has no fees. Taobao’s market share in Shanghai, Beijing and Guangzhou was 67.3% last year compared with eBays dwindling 29.1%.
eBay declined to comment, but if the rumors are true expect to see an announcement within a week.
