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Hong Kong Parking Spot Just Sold for Almost $1 Million

October 24, 2019 Leave a Comment

If anyone needed further evidence of Hong Kong’s sky-high real estate prices they found it this week with news that a car parking spot sold for almost $1 million. Bloomberg reports: 

The space went for HK$7.6 million ($970,000), making it the most expensive place to park an automobile in the city, and perhaps anywhere in the world. The seller was Johnny Cheung Shun-yee, a businessman with a reputation for flipping property. He made around HK$900 million last year in about nine months by buying and selling floors in an office building.

The car-parking spot is actually in the same building — The Center in Central, which also happens to be the priciest office tower in the world. For the cost of the parking space, you could buy a one-bedroom apartment in Manhattan.

“A lot of those owners in The Center are in finance or in other high-growth businesses,” said Stanley Poon, a managing director at Centaline Commercial. “To these tycoons, it’s not a significant purchase if you compare it to the value of the office floors they own.”

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