China's hottest investment: overpriced sneakers

People waiting outside a Nike store to buy the newly-released Nike sneaker in Shanghai.SHANGHAI - Forget stocks, real estate, even cryptocurrencies -- China's hottest investment nowadays may be the Nike, Adidas, and Puma basketball shoes that"sneakerheads" fight to get their hands on.

But in China the craze is at fever pitch, with devotees driving soaring trading volumes on online"sneaker exchange" platforms, prompting warnings from authorities about dangerous speculation as resale profits approach 5,000 percent.NBA stars like Michael Jordan have been idolised for years in China, where basketball is arguably the most followed sport, and the associated streetwear culture finds a huge and growing market.

The phenomenon is spurring quick growth in Chinese sneaker-trading platforms like Poizon, whose annual volume is around 15 billion yuan, according to Chinese tech consultancy iiMedia Research.

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Source: City_Press - 🏆 7. / 72 Read more »