A rare tree was felled in Vietnam after a businessman paid 1.1 million dollars at an auction for its lumber, state media reported Monday.

The sua tree, which had been collectively owned by villagers in northern Vietnam's Bac Ninh province, was sold for 24.5 billion dong (1.1 million dollars), the Thanh Nien newspaper reported.

Timber from the sua tree, or dalbergia tonkinensis prain timber, is banned from commercial sale in Vietnam, although private auctions are still allowed.

Sua furniture is highly valuable in China, with demand increasing in recent years as the nouveau riche seek the prestige of having furniture made of precious and rare wood.

The sua tree has been listed as an endangered species in Vietnam and is on the international red list.