One hundred grams of 60-year-old Pu'er tea were sold last Sunday for 300,000 yuan ($38,400) in Guangzhou, capital of Guangdong Province.
It is the most expensive Pu'er tea sold so far in the southern Chinese province.
The buyer, surnamed Chen, is a Malaysian businessman who has been drinking tea for decades.
He won the public auction during the Guangzhou Tea Cultural Festival, which ended in the city's Liwan District last Sunday. The starting price for the tea was 50,000 yuan ($6,410).