In China, a man bought a two-room apartment for 20,000 soums

A man living in China bought a two-room apartment for just 11 yuan — approximately 20,000 soums — during a special online auction organized for "Singles' Day" (11.11).

The 68.36-square-meter apartment is located in Hegang, a city in the Heilongjiang province in the northeast of the country. It was put up for sale on the Alibaba Auction platform. 1,677 people registered to participate in the auction, and a total of 1,001 bids were placed.

The bidding began on November 5. The starting price was set at 1 yuan, with each subsequent bid increasing by 0.01 yuan. The maximum price was capped at 11 yuan. The buyer who offered this amount first was declared the winner. The auction lasted only 2 minutes and 20 seconds.

The market value of the apartment was estimated at approximately 40,000 yuan. A representative of the company that organized the auction explained that this was a promotional campaign for "Singles' Day," and the platform covered the difference between the actual value of the apartment and the amount paid by the buyer. In other words, this was not a court-ordered sale or a standard real estate auction.

The buyer, who is from East China, does not plan to move to Hegang. He intends to use the apartment as a vacation spot during his winter travels.

However, the house will not cost the buyer only 11 yuan. To register the property rights, he must pay an additional tax of approximately 2,000 yuan. Therefore, the final cost of the apartment will be significantly higher than the amount indicated in the headline.