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Parking Space in Hong Kong sold for $1 Million
International

Parking Space in Hong Kong sold for $1 Million

Agency News

Hong Kong: At the 73-story Hong Kong skyscraper "Center", a car parking space reserved for executives and tenants was recently sold for $969,000 (around 10 lakhs US dollars), a South China Morning Post report said.

Johnny Cheung Shun-yee informed that he had sold the last of his four car parks in the tower to someone who owns an office in the same building because "the buyer now needs a car park lot’. But he declined to reveal the name of the the buyer, according to South China Morning Post. The sold car parking space was just an area of 134.5 square feet. According to the given cost, around $7,209 comes for a per square foot space, which is three times the median price of a Hong Kong house.

The sale price, in a city where nearly one in five residents lived below the government-defined poverty line in 2017, underscores the wealth gap exist in the city. This is said to be one of the reasons that has pushed Hong Kong into the worst political crisis in decades, the report pointed out.