Story highlights A Chinese man has pawned 283 pairs of limited edition Nike Air Jordan sneakers

He plans to use the $160,000 loan as a down payment on an apartment

He has been collecting Nike Air Jordans since he was 14 years old

(CNN) Faced with sky-high real estate prices in the Chinese capital, one Beijing man has sacrificed his shoe collection to get a foot on the property ladder.

The man, identified only by an English name, Mick, pawned 283 pairs of limited edition Nike Air Jordan sneakers in exchange for a $160,000 loan, which he plans to use to cover the down payment for an apartment to share with his new wife, the pawn shop said.

Wang Xiaoyu, the vice president of marketing at Beijing World of Pawn Co told CNN that a very small number of the sneakers had been worn but most were in pristine condition, wrapped in their original packaging.

It was the first time the company had accepted sports shoes as collateral for a loan and they had to find an expert to evaluate them. He valued the shoes at 2 million yuan ($320,390), but Mick only wanted a loan for 1 million yuan.

Mick told local media he started collecting sneakers more than a decade ago when he was 14 years old. An avid basketball fan, he particularly liked watching Michael Jordan matches.

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