While the rest of the world struggles to bounce back from the global financial crisis, China’s billionaires are living large, snapping up luxury products at a breathtaking pace.

Beijing’s Jinbao Street is the must-visit address for billionaires with yuan to burn.

Once a maze of alleys, the 800-metre (yard) stretch of road is now home to Rolls-Royce, Bugatti, Lamborghini, Gucci, Cartier, the exclusive Hong Kong Jockey Club and several five-star hotels.

A one-off Ferrari on which we reported last month has been auctioned off for $1.77 million, including taxes.

The Ferrari 599 China was snapped up by an anonymous, silent auction participant based in Shanghai.

The one-off Fiorano was hand painted by Chinese artist Lu Hao with a pattern reminiscent of the sought-after Ge Liln porcelain of the Song Dynasty.

A single Chinese stamp has sold for $332,000 at Zurich Asia’s “Stamps and Postal History” autumn auction in Hong Kong Friday.

The 1897 Qing dynasty stamp was bought by a Beijing collector and set a new world record for a single Chinese stamp.

It is an extremely rare 1897 small one-dollar overprint on a three-cent Chinese Red Revenue stamp.

Cartier is organizing an exhibition event from September 5 to November 22 at the Palace Museum in Beijing, in a sacred place: the Forbidden City.

The exhibition includes more than 350 items, including archives dating from the founding of Cartier to its creations from the 1970s.

Partly dedicated to royal jewels, the exhibition will be illustrated by historical documents relating to European royal courts.

A new report has revealed that Beijing has the maximum number of rich people in China.

The latest Hurun Report on China’s wealthiest people said that there are 143,000 (yuan-)multimillionaires and 8,800 billionaires in Beijing.

In Shanghai, there are 116,000 multimillionaires and 7,000 billionaires, reports the China Daily.

From famous chateaux ranging from Lafite to Margaux and Mouton, wine lovers had a chance to bid for top French wine in Beijing on Friday at the first wine auction yet on the Chinese mainland.

Around 1,000 bottles of fine wine from France’s renowned Bordeaux area were on auction with a starting price of several hundred to several thousand U.S. dollars Xinhua reports.

94 percent of the wines were sold and over 90 percent of the buyers said they would drink the wines themselves, not for investment.