Prices of Pu Erh rise in China as number of collectors grows
Local demand continues to drive prices of Pu Erh aged tea upward despite the anti-corruption campaign by the Chinese government. As incomes rise, many Chinese tea consumers are becoming collectors of rare and aged teas, which become finer with age. Such alternative investments have become particularly appealing in recent years due to a lackluster local stock market and curbs on real estate, as well as the government's drive to root out lavish lifestyle and gifts. Recently, a 2-kilogram piece of Pu Erh tea was sold at a record price of about $800,000.