Labubu doll fetches big bucks

A Beijing auction house has sold a nearly 1.2m tall sculpture of a viral plush toy character for more than $150,000 (R2.7 million), as global demand for the Chinese-designed Labubu dolls reaches fever pitch.

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The rabbit-like figures sporting mischievous grins began as a character created by Hong Kong artist Kasing Lung and are made by Beijing-based toy brand Pop Mart.

They have been endorsed by celebrities such as Rihanna and Dua Lipa, and fans have queued overnight outside stores hoping to snag one, with analysts pointing to the phenomenon as evidence of China's growing soft power.