Two Tibetan mastiffs were sold for 18 million yuan ($2.9 million) on Tuesday in Tongxiang, Zhejiang province, Qianjiang Evening News reported on Wednesday.

At an exhibition of Tibetan mastiffs held in the city, one dog was sold for a record 12 million yuan and the other for 6 million yuan. Their buyer, a real estate businessman from Qingdao, Shandong province, said he bought the dogs as an investment for his dog farm.

The breed originated in Tibet and the adults grow as large as small lions, with manes around their heads. The dog is very loyal and ferocious and purebred examples are rare and hence expensive.