Alibaba platform auctions 68m2 apartment for 11 yuan

An Alibaba asset auction platform in China held an online auction for a 68.36 square meter apartment located in Hegang, Heilongjiang province. The auction, held on November 5, featured a starting price of just 1 yuan with a maximum bid cap of 11 yuan.

The auction attracted 1,677 participants who engaged in 1,001 bids within 140 seconds. A man from Zhejiang province ultimately won the property for 11 yuan, which is approximately 43,000 Vietnamese Dong. The apartment includes furniture and has a market value of roughly 40,000 yuan.

The auction organizer confirmed the transaction is legitimate, stating it was a promotional activity for the 11/11 shopping festival rather than a debt recovery sale. The platform covered the price difference. While the purchase price was minimal, the winner must pay approximately 2,000 yuan in taxes and fees to complete the transfer.