Footage of the flaming Italian sports car - priced at around £120,000 GBP in the UK - show huge flames having engulfed the entire vehicle.
Members of the fire service were called to put out the blaze, but much of the car had already been charred by the time they arrived.
Passersby said they saw the driver standing by his car near the central reservation, but he was later picked up in a Rolls-Royce and driven away.
By the tume the fire is completely extinguished, there's not much left of the Ferrari except a burnt chassis and four wheels, with the red body barely recognisable.
The supercar engulfed in flames
Onlookers watched as the fire raged
The Ferrari is nothing more than a shell
Witnesses couldn't resist taking pictures
It's a sorry sight
Witnesses in Changshu City, in China's eastern Jiangsu Province, said they were "heartbroken" at the sight of the wreckage, especially given how much the owner would have paid after including import tax.
But others online said the owner probably appeared to have cash to burn.
The Changshu fire service has yet to identify the car owner.