Racing pigeon demand pushes prices to new records

The growing demand for racing pigeons among China's wealthy is said to be pushing up prices for the birds to new records, according to a report in the UK's Financial Times.

Racing pigeon prices reach new records. [File photo: thepaper.cn]

Chinese real estate magnate Xing Wei recently bought a Belgian racing pigeon for 400,000 euros. In December, Xing Wei also reportedly purchased a champion racing pigeon at auction in Beijing for 3 million yuan (473,000 US dollars).

The Financial Times report cites members of the pigeon racing community in China suggesting that six of the wealthiest pigeon racers are spending massive amounts of money, driving up prices.

"Just five years ago, a pigeon might sell in a range between 300 yuan to 400 yuan. However, this winter in an auction held by the club, many pigeons sold for as much as ten times those prices," said Zhang Wanbin, who runs a pigeon racing club in Hubei's capital, Wuhan.

Prizes for the pigeon races are also said to be rising rapidly. A Beijing-based pigeon racing club has set aside 450-million yuan in total prizes for its so-called "Iron Eagle" race series.

"Now that they have money, but few things to do, many wealthy people are now picking up the hobby," said Su Quanlin, President of the club.