Saturday 16 December 2017

Hong Kong parking spot sells for €590k

Hong Kong - a new record was set there for the cost of a parking spot
Hong Kong - a new record was set there for the cost of a parking spot

Venus Wu

A parking spot in Hong Kong was sold for HK$5.18m (€590,000), setting a record in the city where authorities are struggling to contain soaring property prices.

The financial hub is one of the most expensive property markets in the world and private home prices have been hitting record highs for six months in a row.

The parking space in western Hong Kong Island was sold to Kwan Wai-ming on May 31, records at the Land Registry show.

An analyst said the parking space is the most expensive for a residential building.

Local media reports say Kwan is as an executive director at Huarong Investment Stock Corporation Ltd, a Hong Kong-listed company under China's state-owned China Huarong Asset Management Company Ltd.

Huarong Investment Stock Corp was not able to immediately comment on the details.

The parking lot costs more than some flats in Hong Kong, where a nano-apartment of less than 200 sq ft can cost as much as €440,000.

Centaline Property Agency research director Wong Leung-sing said he was not surprised at the record price.

"Demand and supply for parking spaces are seriously out of balance," he said.

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