Pu Erh price bubble bursts in China
Similarly to stock markets worldwide, the Chinese speculative bubble on the price of Pu Erh tea, driven in large part by China's new rich for whom it has been a status symbol of sorts, has recently crashed. The fermented variety from the country's southwestern Yunnan province has reportedly dropped by up to 85% since peaking in May last year, due to overproduction and a diminished appetite for exotic assets. A 100g brick of 60-year-old Pu Erh sold for 300,000 yuan ($39,400) last February.