A Chinese woman has reportedly paid a whopping 4 million Yuan ($585,000) to buy a new pet dog.

The 18-month old dog, a Tibetan mastiff measuring 80cm high, is now believed to be the world’s most expensive dog.

The Chinese woman revealed that her ‘priceless pet’ had been named ‘Yangtze River Number Two’ and added: ‘Gold has a price, but this Tibetan mastiff doesn’t.’