Chinese Olympic champion Liu Xiang (R) receives a certificate after donating all gains from his shoes' auction Jan 21, 2007.[sina.com]

Chinese Olympic champion Liu Xiang (R) presents his gold-colored track shoes in Wuxi, south China's Jiangsu Province Jan 21, 2007. Liu's shoes has been auctinoed at 150,000 yuan(US$18,750) .[sina.com]

A pair of gold-colored track shoes, once worn by Chinese Olympic Champion sprinter Liu Xiang, has been auctioned at 150,000 yuan (US$18,750).

The deal was made on Sunday at a fund-raising event attended by Chinese sports stars in Wuxi, Jiangsu Province.

All of the money raised at the event will be donated to the China Sports Foundation, for the purpose of funding insurance for the country's elite athletes.

Liu said he was personally surprised at the price his shoes had reached, but happy that the money can now be used to help disabled or injured athletes.

Liu is no stranger to such charity initiatives. In September 2006, he donated real estate, awarded to him for his MVP title at the IAAF 2006 Shanghai Golden Grand Prix, to the organizers of the Shanghai 2007 Special Olympics.