2BHK for Rs 155: Man buys furnished flat online

A Chinese man has bought a 732 sq ft, fully furnished two-bedroom apartment for just Rs 155 during the country's Double 11 shopping festival . The online auction attracted 1,677 bidders, with the winning buyer securing the property at the maximum permitted bid. 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. Live Events You Might Also Like: He retired at 30 with 14 flats worth Rs 2.8 crore earning Rs 42 lakh a year, but isn't happy 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 plans to use apartment for winter holidays The buyer revealed during an auction livestream that he had not expected to win the property. He has no plans to relocate to Heilongjiang and intends to use the apartment as an occasional holiday home during winter trips. The difference between the winning bid and the property's estimated market value has drawn attention. Local property apps put the apartment's second-hand value at around Rs 5.6 lakh. Similar properties in the residential complex have an average resale price of approximately Rs 3,500 per sq ft. Lawyer warns about hidden costs of cheap properties The unusually low purchase price has also prompted questions about the expenses involved in owning such properties. Wang Yuchen, a lawyer at Beijing Jinsu Law Firm, quoted by SCMP, warned prospective buyers against rushing into ultra-cheap property deals. He pointed to possible complications such as unclear ownership titles, unpaid taxes, outstanding maintenance fees and expensive legal disputes. The buyer will also need to pay around Rs 28,000 in deed taxes to complete the apartment's ownership transfer. This is not the first time a Chinese property auction has attracted attention with an exceptionally low price. In November 2024, a woman bought a 430 sq ft seaside apartment in Weihai, Shandong province, for 11 yuan (around Rs 155). The property was valued at less than Rs 7 lakh. Industry insiders said such heavily discounted property auctions can also be promotional exercises designed to generate publicity and attract potential buyers. The latest deal has put another ultra-cheap Chinese property purchase in the spotlight, with the winning shopper planning to use his Rs 155 apartment for occasional winter holidays. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on Chinese man apartment auction Double 11 shopping festival online property auction 2BHK flat for Rs 155 fully furnished 2BHK flat for Rs 155 black friday sale alibaba property auction chinese man gets 2 bhk flat for rs 155 (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on Chinese man apartment auction Double 11 shopping festival online property auction 2BHK flat for Rs 155 fully furnished 2BHK flat for Rs 155 black friday sale alibaba property auction chinese man gets 2 bhk flat for rs 155 Prime Exclusives Investment Ideas Stock Report Plus ePaper Wealth Edition Business of Odd Things: The farm that needs no land, freshwater, or fertiliser KYC and KYB: Inside Pidilite, the company that turned Fevicol into a word for a strong bond – Part 1 of 3 Seoul halts trading, Nifty has its best week since 2021: Money leaving the AI trade – will it land in India? Junk bonds are cracking at the bottom. Will the noise get loud enough to make ‘junk bond’ a household term again? PNG connections rise half a million, but how many use piped gas for cooking? Some elections matter more than you know: No crop changed in the fields, yet sugar, coffee and soya got cheaper in a day 1 2 3 View all Stories