A Apartment Sold for $1.7 in China: How the Auction Went

In China, a two-bedroom apartment was sold for 11 yuan (about $1.7) during the annual "Double Eleven" sales festival. The unusual transaction took place on the Alibaba Auction platform, where real estate and cars are among the items listed. The buyer was a man from eastern China who managed to purchase the property at a symbolic price thanks to a special promotion.

How a 68 sq. m apartment was sold for 11 yuan

The property is located on the seventh floor of a residential building in the city of Hegang, Heilongjiang province, in northeastern China. The apartment covers an area of 68.36 sq. m and includes two bedrooms.

The auction concluded on November 5. The starting price of the lot was one yuan (about $0.15), and the maximum bid was capped at 11 yuan. A total of 1677 people registered for the auction, making 1001 bids in total. The winner was the first participant to offer the set maximum amount.

According to the organizers, the market value of the apartment is around 40,000 yuan (approximately $5600). The low price is explained by the terms of the promotional campaign: the platform subsidized the difference between the property's value and the winning bid. The apartment was not part of any judicial foreclosure proceedings.

How much the buyer will actually pay for the apartment

Despite the symbolic purchase price, the new owner will incur additional expenses. To formalize ownership rights, a tax of about 2000 yuan, or $300, must be paid. Thus, the total amount, including the winning bid, will be approximately 2011 yuan ($302), excluding already paid service fees.

The buyer stated that he does not plan to move to Hegang permanently. Instead, he intends to use the apartment for vacations during winter trips to northeastern China.

Lawyers from the Beijing firm Jinsu warn that purchasing property at an unusually low price requires additional verification. Potential risks include uncertain ownership status, unpaid taxes, and outstanding mandatory payments. However, no such issues have been confirmed for the sold apartment.