Yamaha transponder keys needed

Hi guys (and gals),

I'm wondering if anyone has had to get some keys made/cut around the traps (inside PRC). I've a 2007 Yamaha XVS1100A Dragstar Classic, and my red master key and a spare slave key that was with a bunch of keys fell from a ride I did recently. No major issue as I have more keys for all those that were lost, as the set was a collection of all spare keys. Bigger problem is that losing the master key makes it more complicated to have copies made for my Yamaha as it uses a transponder anti-theft device. Meaning that the right key which has an embedded electronic code needs to be in the ignition for the Yamaha to start etc.

I contacted a local locksmith (complete with 24hr call out number and sign written Ford transit van) and he came by last night. He can make me working copies from my last key via two options:

Choice 1. Copy the key and the encoded information, using a transponder device using the slave key, to make more slave keys... (actually he will send the key away for the transponder encoding) the price is US$131 /key... this was shock as he'd initially said it would be around US$40/key. Note that a key copied here is around US$1-2 or perhaps US$10-20 for something really special.

Choice 2. Strip the bike down to where the ECU/encoding unit is and he can use another electonic device to download all the required information from it, which he will again send to have the transponder encoding etc) so that he can make me a new master key - the price is also around US$150 for 1 master key.

These prices are extraordinarily high. I can send my key to places outside China, and have a cloned transponder key made for a fraction of the price. In fact for the prices quoted here with this locksmith I could order 3-4 and also pay courier fees and break even.

Before I go that route though, does anyone here in PRC have any experience with a local locksmith in China, that could handle this for a fairer price?

Cheers
BD