A Parking Space in Hong Kong Was Sold for almost $1 Million

Elias Hubbard
October 25, 2019

Vice President Mike Pence discusses the USA hope for China engaging with the world, despite China's resistance to 'convergence with global norms'.

At the Center, a 73-story Hong Kong skyscraper, a well-placed parking space reserved for executives and tenants was recently sold for an eye-popping $969,000 ($7.6 million in HK dollars).

It doesn't come as much of a surprise that the prices for something as simple as a parking spot are so extreme. The seller of the spot, Johnny Cheung Shun-yee, had recently moved three other parking spots at the same location, each of which has reportedly gone for six-figures in other sales. In 2017, it became the world's most expensive commercial real estate transaction when it sold for $5.15 billion.

Is there anything more boss than primo parking?

The previous record-holder for most expensive parking space in the city was a $A1.1 spot in front of a Kowloon luxury apartment building in 2018.

Despite recent pro-democracy protests having shaken Hong Kong, the value is apparently still strong in the luxury vehicle space market.

"There aren't many auto park lots in Central's office towers for sale, so prices have always been kept high", James Mak, a district sales director for Midland Commercial, told the South China Morning Post. The South China Morning Post reported that the per-square-foot cost of the spot is more than three times the median home price in Hong Kong.

The South China Morning Post reported that large, luxurious "parking bays" have always been a sought-after status symbol for Hong Kong's wealthy elite.

While the long-running protests in the city are fired mostly by anger at a now-dead extradition bill and hatred towards the government and police, they are also fanned by anger at the huge disparity between rich and poor. Brooklyn, for instance, is now seeing spaces going for $300,000. A parking spot in front of the tower is prime real estate as the building is located in one of the busiest, most central areas of the city.

The timing of the parking space sale is certainly interesting.

Other reports by Click Lancashire

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