China tea costs more than gold!

Beijing, March 23 (IANS) A type of tea called Longjing or Dragon Well in China hit a record presale price of 360,000 yuan ($57,024) per kilogram this year, higher than the price of gold, which is currently about $53,000 per kg.

The Longjing tea is one of China's best green teas. It has been a favourite among wealthy buyers.

The tea is harvested prior to Qingming festival, usually in the first week of April, in Hangzhou in Zhejiang province, the Shanghai Daily reported Friday.

It is produced from the first spring shoots. Skilled workers pick every leaf by hand.

Zhu Baichang, a dealer who sold the tea at the record price in the presale, said this year it will cost 80,000 yuan per kg on the market, up 10,000 yuan from last year.

"The 360,000 yuan per kg for the pre-Qingming tea was just a single case for presale promotion and we will donate the money to a local art group for deaf people," Zhu said.

People who bought the tea at the presale rate were mostly government officials, he said, adding that the market price was still very high for common people to afford.

Another variety called Moutai, served at official banquets, used to sell for about 600 yuan four years ago, now it costs around 2,000 yuan.

The Qingming Festival or tomb-sweeping day, is a traditional Chinese festival where people go to family graves to sweep the tombs and honour their ancestors.