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Summary of article:
The sale of a house in Hegang, China for 11 yuan sparked controversy, but the auction of a similar house was immediately stopped. Chinese media criticized the platform for presenting the auction as a Double 11 gimmick and deviating from market rules.
In recent years, Hegang, Chinahouse price The extremely low price has created heated discussions on the Internet. Recently, it was discovered even more as a house was sold for RMB 11 on an auction platform. However, the second 11-yuan house auction that was originally planned to start on the 10th was suddenly stopped by the “Alibaba Assets” auction platform yesterday. Chinese media criticized the auction platform for misleading the public and sensationalizing the purchase of a house for 11 yuan.
Bidding starts at 1 yuan, with a “maximum price” of 11 yuan (about US$1.65), the paper reported today. The first bidder to pay 11 yuan could win the house. After 1,001 bids it was finally bought by a citizen of Zhejiang.
The person in charge of the auction company said on the 6th that the original price of a house sold for 11 yuan in Hegang city, Heilongjiang province was more than 40,000 yuan (about 6,000 US dollars). It was the platform’s Double 11 activity subsidy that made it so cheap.
The auction company plans to auction another Hegang house with a two-bedroom layout on the 10th, and the maximum price is still 11 yuan. However, the “Alibaba Assets” auction platform suddenly showed late last night that the auction “has been suspended” due to “customer’s application”.
The report states that 11 yuan is the upper limit price set for this marketing campaign. It’s not really an “auction”, but more like a lottery on the platform. Because the core of an auction is “the highest bidder gets it”, this event borrows the shell of “auction” but removes the most basic rules of auctioning. “The activity misleads the public and diverts traffic” and “affects the public’s reasonable expectations of the market. It appears sensational.”
The report comments that this farce has finally stopped, and hopes that the auction platform will learn a lesson and that store owners will no longer bully customers, let alone “amplify and sensationalize stereotypes”.
Summary FAQ
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The bidding for this house started from 1 yuan and reached 11 yuan. The first bidder to reach 11 yuan won the bid. After 1,001 bids, it was bought by a citizen of Zhejiang. This was a subsidy arrangement for the Double 11 event.
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The auction of the second Hegang House, which was originally scheduled to start on the 10th, also had a limit of 11 yuan, but the Alibaba Asset Platform showed late at night that it was suspended due to customer application.
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The report believes that this is not a traditional auction, but more like a lottery. Because key rules have been removed, it is easier to mislead the public, chase traffic, and influence reasonable market expectations.
