The apartment is estimated to be worth around Rs 5.6 lakh, according to local property platforms. However, the buyer will have to pay approximately Rs 28,000 in taxes to complete the ownership transfer, according to a South China Morning Post report.
How did the Rs 155 apartment auction work?
The seventh-floor apartment is located in Heilongjiang province in northeastern China. It was listed through Alibaba Auction as part of a promotional campaign for Double 11, China's annual online shopping festival, often compared with Black Friday.The auction opened at a starting price of one yuan, with bids increasing in increments of 0.01 yuan. The maximum permitted bid was capped at 11 yuan, equivalent to approximately Rs 155.
According to platform records, 1,677 bidders participated and placed a total of 1,001 bids before the auction closed on November 5.
The winning bidder was an anonymous shopper from the Jiangsu-Zhejiang region in eastern China. He secured the apartment by being the first person to submit the maximum bid of 11 yuan.
Both the purchase amount and platform transaction fees have been paid.
Buyer…