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A Hong Kong executive paid $664,000 for a parking space

$664k

A Hong Kong executive paid HK$5.18 million ($664,000) for a 188-square-foot (17.5 square meters) parking space in the Sai Ying Pun district of Hong Kong.

Published   |  Photo by Reuters/Bobby Yip
c-building-RTX145GY-Bobby Yip
$664k

The government tries to limit purchases of residential properties with measures like high taxes, so investors turn to office buildings and parkings spots instead.

c-building-RTX145GY-Bobby Yip
$664k

Also, there is limited space for parking in Hong Kong and many houses, even expensive ones, do not come with garages.

c-building-RTX145GY-Bobby Yip
$664k

On top of that, Hong Kong has the most expensive real estate in the world, in part because buyers from mainland China compete for properties with local developers, making prices rise.

c-building-RTX145GY-Bobby Yip
$664k

The purchase also shows how expensive the Sai Ying Pun district has become. The now trendy area was once known for low rents and attractive to young professionals and migrant workers.

c-building-RTX145GY-Bobby Yip
$664k

The buyer, Kwan Wai-ming, is the director of Huarong Investment Stock Corporation, an investment holding firm listed in Hong Kong.

c-building-RTX145GY-Bobby Yip
$664k

This is not the first time that Wai-ming has spent hundreds of thousands of dollars on a parking lot. He bought two others in the past, for $485,000 and $510,000.

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