Culture & Entertainment · Vietnam Bureau
Chinese buyer snaps up apartment for $1.64 during Singles' Day sale
An online auction platform in China offered a heavily discounted apartment during the country's biggest shopping festival, with one buyer securing a 68-square-meter unit for just 11 yuan. The extreme markdown raised questions about the promotional mechanics behind the deal.
LSN Vietnam ·
A resident of eastern China purchased a residential apartment in Hegang, a northeastern industrial city, for 11 yuan (approximately $1.64) through Alibaba's asset auction platform during Singles' Day celebrations. The 68-square-meter property represented one of the most dramatic price reductions seen during the annual November shopping festival, which typically features steep discounts across e-commerce platforms.
The transaction occurred on Alibaba's dedicated auction channel for assets, which has increasingly been used by local governments and financial institutions to liquidate properties and other holdings. The platform has become a venue for disposing of seized assets, foreclosed properties, and other items requiring rapid sale.
The extreme price point sparked online discussion about whether the listing represented a genuine opportunity or a promotional gimmick designed to attract attention during the competitive shopping season. Details surrounding the sale, including any associated fees, conditions, or special circumstances, were not immediately disclosed.
Hegang, located in Heilongjiang province, has faced significant economic headwinds in recent years as China's traditional industrial sectors have contracted. Property sales initiatives through online platforms have become more common in such regions as authorities seek to stimulate local markets and clear inventory.