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The property auction held in a stadium in Shenzhen, South China's Guangdong province on Saturday. [Photo from web] |
$1 billion property sold in 6 hours at a stadium-sized auction
As online-shopping enthusiasts add goods into their purchase carts before the "Double 11" shopping spree, house buyers in Shenzhen, South China's Guangdong province took things one step further.
About 11,000 potential customers swarmed into a stadium rented by a developer and snapped up 1,637 apartments worth 6 billion yuan ($943 million) in 6 hours on Saturday.
The apartments, belonging to a new development complex, cost an average of 43,500 yuan per square meter, reported NetEase, adding that the average price for second-hand homes nearby is around 50,000 yuan.
The stadium-sized auction had the largest volume of sales and the largest amount of potential buyers for any development in the past 10 years, according to Caijing.
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