The online court auction of two penthouse apartments in Fuzhou reached a sale price of over 99.03 million yuan (.28 million USD), which is ten times the appraised price, Beijing Youth Daily reports.
The housing package sold by the court had belonged to the Jinshuiwan Garden neighborhood. It is located in the Cangshan district of Fuzhou, in Fujian province. The online auction started at 10am on January 1 and ran for 24 hours. The starting bid was set at 6.77 million yuan (.05 million USD).
About half an hour into the auction, a bidder raised the price to over 99.02 million yuan. A total of four bidders pushed the price up even further, with the hammer price reaching 99.03 million yuan, which is a new record.
The huge sale price means that the cost of a single square meter of the apartments reached 250,000 yuan, compared with the average price of 30,000 yuan in the same community.
According to a judge from the local Minhou county court, which oversaw the auction, the court has launched an investigation into whether the bidding was made in a malicious attempt to abort the sale.
The 1 million yuan deposit will be confiscated if it is found that malicious bidding has occurred.