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Property

Online real estate auctions surge among China's well-to-do

Cyberbidders exploit legal loophole in tightly regulated property market

A condominium unit in Xianxia Lu, a residential area in western Shanghai, drew 90 bids in an auction.

SHANGHAI -- Internet auctions of real estate have taken off in China as the affluent make the most of the laxer rules for auctions compared with conventional transactions.

A 20-year-old condominium unit in Xianxia Lu, a residential area in western Shanghai, drew 90 bids in an auction that ran from Monday to Thursday last week. The race to purchase the property turned into a dead heat.

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