A check by Legit.ng, however, traced the original story to a 2016 post made by the BBC.
It confirmed that the story indeed happened in China and the lady was simply identified by the pseudonym, Xiaoli.
According to the story, Xiaoli is not from a rich background, so she probably used the interesting method to buy a house for her parents.
Xiaoli sold all of the iPhone 7 which was the latest in 2016 to Hui Shou Bao at £14,500 (about N7.8 million at today's exchange rate).
Hui Shou Bao, a mobile phone recycling company confirmed buying the phones from the young lady.
See Ajah's post below: