A $664,000 Parking Spot Symbolizes Hong Kong’s Property Frenzy
That price, paid for a spot in an apartment complex on Hong Kong Island, was a new local
record, breaking the previous $615,000 paid for a slightly smaller spot last year.
Hong Kong is now home to a very expensive parking spot, the latest sign of a property market run amok.
The huge price paid for a single parking spot illustrates the broader rise in real estate values.
He already owns property in the same apartment complex where the parking spot is situated, called the Upton, in the Sai Ying Pun district.
Norman Chan said that The risk of overheating in the property market in Hong Kong continues to increase,
Such an expensive parking spot may seem excessive in a city where transportation can be cheap.
