A Chinese shipping magnate spent 250,400 euros on a Dutch pigeon. Hu Zhen Yu who owns the Zhenyu Holding Group in Wenzhou, China is the gentleman who bought the bird. According to to the online pigeon action house PiPa, "Zhenyu last year sponsored a pigeon race in Wenzhou that awarded 7 million yuan ($1.1 million) in prize money... and wants to focus more on the sport."

The sport of pigeon racing is increasing in popularity in China. Ya Minna, a Chinese employee with PiPa spoke to a  U.K. newspaper (Mock, Vanessa and Coonan, Clifford. March 20, 2011. "China sees pigeons as far more than a flight of fancy." The Independent.) about the country's pigeon fascination.

"We have a lot of interest around the globe, with many buyers in Japan and the United States. But no other market compares with China.

"They have a growing middle-class with a vast disposable income and a big appetite for luxury goods."

One of numerous Chinese employees at the family-run firm, Minna adds: "A pigeon is a far-better investment that a fine bottle of vintage wine. You can breed it; it will have children and grandchildren."

The pigeon purchase is a new world record and an amazing three times the amount of the last record breaking winning bid.