An apartment in China’s Heilongjiang province has been sold for just 11 yuan (about RM6.50), attracting an astonishing 1,677 bidders in a special online auction held as part of the Double 11 shopping campaign.
The two-bedroom unit, measuring 68 square metres and located on the seventh floor, was listed on Alibaba Auction with a starting price of just one yuan.
Bidders were allowed to increase their offers by a minimum of 0.01 yuan, or less than one sen. Platform records showed that 1,001 bids were submitted before the auction ended on November 5.
The successful buyer, whose identity was not disclosed, came from China’s eastern Jiangsu-Zhejiang region. The buyer secured the property by being the first to offer the maximum price of 11 yuan.
The purchase price and the platform’s transaction fee have reportedly been paid.
During a livestream of the auction, the buyer said there were no plans to live in Heilongjiang, explaining that the apartment would instead serve as a stopover during winter holidays.
However, the remarkably low purchase price does not mean the new owner can avoid additional expenses. The buyer must still pay about 2,000 yuan (RM1,220) in property transfer taxes before ownership can be officially transferred.
The deal appears particularly attractive given the apartment’s estimated market value of around 40,000 yuan (RM24,400), according to a local property application.
Resale properties in the same residential complex are also estimated to fetch an average of about 2,700 yuan (RM1,650) per square metre.
An auction agency manager told Fengmian News that the sale was part of Alibaba Auction’s Double 11 promotion, with the platform covering the difference in the property’s price.
The unusual bargain sparked mixed reactions on social media, with some users regretting that they had only discovered the auction after it ended.
Others questioned whether the buyer would face substantial annual maintenance fees for an apartment that would rarely be occupied.
Legal experts, meanwhile, warned prospective buyers against rushing into extremely cheap property auctions without first examining the risks and background of the transaction.
Potential issues include unclear ownership status, outstanding taxes and fees, as well as costly legal proceedings if disputes arise.
Wang Yuchen, a lawyer from Beijing Jinsu Law Firm, advised potential buyers to carefully assess all associated risks before bidding for properties through auctions.
Such unusually cheap property deals are not entirely new in China.
In November 2024, a woman reportedly purchased a 40-square-metre seaside apartment in Weihai, Shandong province, for 11 yuan (about RM6.50), despite the property’s value being estimated at less than 50,000 yuan (RM30,550).
Industry players said these low-priced auction offers are designed to attract public attention and generate discussion ahead of upcoming property sales campaigns.
