A favorite at many local restaurants is fresh Florida Spiny Lobster but did you know that most lobster caught by local fishermen end up in China? CBS4's Jim DeFede investigates ‘The Business Of Lobster’ and why the high demand from Asia has never been greater or more controversial.

The story begins...

In an upscale portion of Hong Kong, the Boat Dweller Restaurant is renowned for its live seafood. Tanks showcase the freshest offerings from around the world – but few items on the menu are likely to capture a diner’s attention or have the appeal of the Florida Spiny Lobster.

In 2010 and 2011, the Chinese had planted their flag in the Keys, driving up the price to as high as $24 a pound.

Today the price has settled to $10 to $14 a pound.

“Thank God for the Chinese,” said Gary Nichols, a lobster fisherman based on Conch Key. “We sure import a lot of things from China and people complain, `Oh, it’s Chinese made.’ Well if it wasn’t for the Chinese right now I’d be getting three or four dollars a pound for lobster instead of $12 or $13 a pound for lobster.”

Read more and see the full video series at CBS Miami.