Holy croc! 500 live crocodiles, worth ₹4 crore, are up for grabs in auction; here's why

Stock markets crash is the current talk of the town after US, Asian, Chinese and several other stocks plunged on Monday. But, in China, a crocodile auction has grabbed equal attention, which auctioned 100 tonnes (~ 500) live crocodiles for four million yuan ( ₹4.71 crore) in a sale that required buyers to pick the reptiles up in person.

Objects, famous pieces of painting, cricketers are usually up for auction. But crocodiles?

The crocodiles originally belonged to the Guangdong Hongyi Crocodile Industry Company. The China court put the assets of the company, the crocodiles, for auction after the firm failed to meet certain financial obligations, reported South China Morning Post.

Crocodile auction in China

The Shenzhen Nanshan People’s Court in China captured public attention by auctioning off the live crocodiles. The starting bid was set at four million yuan, which is roughly ₹4.71 crore, reported the South China Morning Post.

The crocodile auction was hosted on the Alibaba Judicial Auction Platform. The crocodiles originally belonged to the Guangdong Hongyi Crocodile Industry Company, which was founded in 2005 by Mo Junrong, reported SCMP.

'Crocodile God' fails to meet financial obligations

Mo, nicknamed the “Crocodile God” had registered capital of more than 50 million yuan ( ₹5 crore).

The company, however, failed to meet its financial obligations, after which the China court confiscated the crocodiles, and put them up for auction, stated the Chinese media outlet.

The crocodile auction began on March 10 and will run until May 9.

Details of the crocodiles

The reptiles up for auction are Siamese crocodiles, which have been legally farmed and traded in China since 2003.

Given that a Siamese crocodile typically weighs between 200 and 500 kilograms, the 100 tons of crocodiles would likely consist of around 200 to 500 individual reptiles, reported SCMP.

Why are crocodiles profitable?

Crocodile farming is profitable due to the high demand for crocodile meat and skin, with meat being a source of exotic protein and skin used for luxury leather goods, and also for medicinal purposes.

Apart from their skin and meat, crocodiles are also sought after for their bones, teeth, and even blood, which are utilised for traditional medicines and other purposes.