Louis Vuitton handbags and Omega watches are already favorites among China's nouveau rich. Those may bring status, but perhaps not as much as the Asian Arowana fish - one of the latest symbols of conspicuous wealth.
"Japan has been the largest buyer of Arowana fish in the past two decades, but we believe China will catch up soon," says Alfian Pramana, president-director of PT Inti Kapuas Arowana, Tbk (IIKP).
Jakarta-headquartered IIKP is one of the world's largest Asian Arowana fish farming and distribution companies.
IIKP opened a shop in Beijing in April - the Indonesian company's first overseas store - which is now selling, displaying, consulting about and even providing care services for Asian Arowana fish.
"China's economy is growing so many times faster than Japan and the population is 10 times that of Japan. Our focus should be on China," Pramana says.
The Asian Arowana, priced between $2,000 and $10,000 each, is the most expensive ornamental fish in Asia. Also known as the Dragon Fish, the Arowana is believed to bring prosperity and wealth to the owner. It can live longer than 20 years and grow to nearly 90 centimeters in length.
The Asian Arowana is usually much more expensive than other Dragon Fish species, such as a silver type from the Amazon Basin and the spotted Arowana from southern Australia.
The Asian species once populated rivers throughout Southeast Asia. Due to increasing popularity among aquarists and their high value, the fish have been virtually depleted and are now classified as an endangered species.
Trading in wild Asian Arowana is illegal. But success in captive breeding has replenished its population and controlled trade of captive-bred Asian Arowana is now approved by CITES (the Convention on International Trade in Endangered Species of Wild Fauna and Flora), which is an international treaty signed in 1973 to protect wildlife. Trading in species listed by CITES must be licensed.
The Super Red Arowana is the most expensive Dragon Fish, not only because of its intense red color and shiny golden scales, but because it is the most difficult for captive breeding - and the redder it is, the higher the price. In the wild it is only found in Kalimantan and Sumatra of Indonesia. IIKP is the largest company in Super Red Arowana farming and distribution.
"As the economy grows, China is becoming an important market for luxury goods because of the emerging class of newly rich. Luxury goods can be cars, electronics, diamonds, and Asian Arowana fish," says Hendri Hamzah, IIKP's export manager, adding that wealthy people believe the fish is a symbol of success and shows a certain level of economic status.
"We don't approach it as a fish. We approach it as a luxury good, like a diamond," Hamzah adds.
IIKP has five stores around Indonesia, with two in Jakarta. The stores are all located in the most expensive commercial areas.
Hamzah plans to use the same model in China and believes Beijing, as the capital, needs at least three such stores.
"But this market is still at the early stage. Some shopping malls don't share the same values as us. They think we are just fish guys and we are dirty," Hamzah says.
IIKP's first store in China is in an ornamental fish market near Beijing's North Third Ring Road and will serve as the company's wholesale base in the country.
It is also building a warehouse that can accommodate 1,000 Arowana fish near Beijing Capital International Airport. The warehouse will be completed at end of May and will serve as a logistics hub for IIKP in China. It is responsible for "reconditioning" the fish before delivery to customers. The fish usually need an adaptation process after they are transported by air from Indonesia.
IIKP plans to invest $600,000 to $1 million in China this year in opening stores, building warehouse facilities and advertising.
"We will advertise in professional fish magazines for the wholesale market. For the retail market, we are looking at more general media that cater to medium- and high-income people," Hamzah says.
IIKP has developed a brand, "TreasuREDragon", to market the Super Red Arowana in China.
"Through brand building, we want to separate the marketing of Super Red Arowana from other pet markets and turn it into a part of the high-end lifestyle," Hamzah adds.
Besides selling, IIKP plans to offer fish rental services in China.
"Fish rental is common in Indonesia. Offices like to have fish for decoration and believe it makes people relaxed. They rent the fish, including our care services. That's the concept we want to bring to China," Hamzah says.
Singapore-based Qian Hu Corp Ltd is now the largest Arowana provider in the Chinese market. The company, listed in the Singapore Exchange, entered China in 1993 and started to sell Arowana fish in 2003 after acquiring a Dragon Fish breeder in Malaysia.
IIKP started to farm and sell Arowana Fish two years ago by acquiring traditional Arowana farms after scrapping its plastics business due to high oil prices and the influx of less expensive Chinese plastic. The company has purchased 50 hectares of land with seven farm locations. It realized sales of $4 million last year, with 90 percent of the revenues generated from selling the prized fish - most of which are sold in Asia.
