Fire sale: Chinese teen who sells inherited US$139,000 property at half price to buy motorcycle has sale cancelled after mother’s legal action
- Teen sold flat for US$72,000, half its market value, to an agent who resold it to another agent for a profit
- Judge considered disparity in age and experience between teenager and agent, saying immature teen was induced to sell cheaply
An 18-year-old man in China sold an inherited property worth 1 million yuan (US$139,000) at half price to buy a motorcycle before legal action by his family cancelled the sale.
A court in Henan province in central China examined the deal between the teen, nicknamed Xiaohua, and two property agents, identified with the pseudonyms Xiaowu and Xiaoyang, and found it was unfair and cancelled the sale, Dacankao reported.
Xiaohua had decided to sell the property he inherited from his grandfather after his parents refused to buy him a motorcycle. Without informing his parents, he approached the agent Xiaowu.
The teen agreed to sell the property to Xiaowu for half its market value at 520,000 yuan (US$72,000). Xiaowu then resold it to another agent, Xiaoyang, for an undisclosed amount but at a profit.
When Xiaohua’s mother learned of the sale, she was suspicious of the two agents and suspected they had deceived the teenager. When she failed to convince the two agents to cancel the deal, she sued in a local court.
The judge, He Meng, said Xiaohua should be responsible for his childish decision. However, the mother insisted that it was an unfair trade.