Liu's injury hamstrings Chinese scalping market

By Kirby Chien

BEIJING (Reuters) - When China's Liu Xiang went down with an injury, it not only prematurely ended the defense of his 110m hurdles Olympics crown, but also taught Beijing's lively ticket scalping scene a lesson in market economics.

Even in the most bullish of markets, the longer you hold on to an asset the greater the risk.

"Liu Xiang ...," says one scalper, rolling his eyes while dangling two tickets to what was supposed to be the highlight of the Games: Liu Xiang blazing to victory in front of a home crowd, cementing his exalted place in China's sporting history.

"How was I supposed to know?" he asks, not really expecting an answer. "I should have sold them last week, I could have got at least 4,000 yuan ($584) a piece for them," he says, standing outside the huge fenced off area known as the Olympic Green.

And the 2,000 yuan per ticket he is asking for now is very, very soft, and a far cry from the 20,000 yuan some websites were advertising just weeks ago.

"I'll give you both for 3,800," he pleads, but nobody in the small crowd gathering around him bites, sensing that better deals are available as the hurdles finals are set for Thursday.

And he is not alone. Huge crowds of people gather in areas close to the Green to buy and sell tickets as the last few days of the Beijing Games bring on a sense of urgency.

"I bought my tickets for 5,000 each and I just wanted to see Liu Xiang," said one distraught woman. "Now I don't want to go and I can't sell them."