- Apr 12, 2021
- Business Update
JD Auctions Sold Two Over-100-Million-Yuan Buildings within Four Days
by Vivian Yang
JD Auction sold two house properties in Beijing worth over RMB 100 million yuan each within four days, as the e-commerce platform revealed on Apr. 9.
“JD Auction has been an effective channel to support public court auctions with a high transaction rate and premium rate,” said Chengxin Han, general manager of JD Auction. “It has also become a go-to place for many people to find good bargains for high-value properties in Beijing.”
On Mar. 27, JD Auction closed the deal for the building of a former chain hotel on Beiyuan road in Chaoyang district in Beijing at RMB 276 million yuan. A 12-storey building totaling 9,550.73 square meters, the building is located in a mature commercial area. Its popularity drove 83 rounds of bidding before the price finalized.
The second deal which was made on Mar. 31 was a high-end residential building also located in southern Chaoyang district. The building is part of a well-known real estate program in the capital city which is famous for cultural gardens in its landscape design. The item has been a hit on JD’s platform. Starting at RMB 3,500 yuan, the building’s auction price was capped at RMB 100 million yuan after 319 offers, making it the highest transaction price the real estate program ever achieved on online judicial auction platforms.
Online public auction is the only legitimate way for courts to handle seized real estate in China. Since its establishment in 2016, JD Auction has been providing strong support for Chinese courts at all levels in this area. JD’s trust-based brand identity and technology-driven services such as VR panorama house viewing, big-data-driven price evaluation and financing assistance, have enabled an increasing number of users to acquire real estate on its platform. It is estimated that in 2020 alone, more than 15,000 JD customers bought houses or apartments on JD Auction.