The previous record of £90,000 was paid out by a family in Florida for Lancelot Encore - a cloned version of Lancelot, a much-loved but deceased Labrador.
The Times reports that Yangtze River Number Two's new owner, identified only as Mrs Wang, is rumoured to have spent years searching China for the perfect Tibetan Mastiff. When she located her dream dog in Qinghai province, she was determined to do whatever was necessary to make it hers.
The canine's newfound celebrity status was confirmed when a motorcade of 30 luxury cars turned up at Xi'an airport to collect it. Mrs Wang's wealthy friends sent their Mercedes limousines to the airport, and also organised a welcoming committee of local dog-lovers, complete with banners.
Dog-ownership is becoming increasingly popular in China, and is already causing problems in some of the country's over-crowded cities. A ban on pets in many public areas is being considered in Shanghai, while the city of Guangzhou has introduced a limit of one dog per family.