Chinese buyer wins furnished two-bedroom flat in online auction for Rs 155

A man in China has won a fully furnished 2BHK flat in an online auction for just Rs 155. The incident is being widely discussed on social media.

The flat is in Heilongjiang province in north-eastern China. It measures about 732 sq ft and has two bedrooms. It is on the seventh floor of the building. The flat was put up for auction on the Alibaba auction platform during China's popular "Double 11" online shopping festival.

The auction began at just 1 yuan. The minimum bid increment was set at 0.01 yuan, while the maximum bid was fixed at 11 yuan. In Indian currency, this amounts to about Rs 155. A total of 1,677 people took part in the auction and 1,001 bids were placed. The auction ended on November 5 and the flat went to one buyer.

The winner is said to be from the Jiangsu-Zhejiang region of China. His identity has been kept confidential for security reasons. Speaking during the live stream of the auction, he said he himself had not believed he would win. He has no plan to live there permanently for now, but will use the apartment when he visits during the coming winter holidays.

The news of getting a flat so cheaply may sound very attractive, but according to local property platforms and experts, such purchases can also involve some additional costs and risks.

The first cost is tax. To have legal ownership of the house transferred to his name, the buyer will have to pay about Rs 28,000 in tax.

The second point is expert advice. Wang Yuchen, a lawyer with the Jinsu Law Firm in Beijing, has advised people buying such cheap properties to be cautious. According to the lawyer, properties sold in online auctions are highly likely to carry unpaid tax instalments, maintenance fees, defects in documents or other legal disputes. It is therefore extremely important to check the documents and legal status of any property before bidding on it.