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Hong Kong parking space sold for $970,000

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The single car lot is in a skyscraper

Hong Kong might be heading for recession after months of violent protests but that hasn’t stopped a single parking space changing hands for almost $1 million.

The mind-boggling sum paid to businessman Johnny Cheung Shun-yee highlights the gap in equality that has helped fuel nearly five months of demonstrations in the financial hub, where one in five people live below the poverty line.

The HK$7.6 million ($970,000) price tag is more than 30 times the average annual wage in Hong Kong and about the same as a one-bed apartment in London’s plush Chelsea area.

It is situated in The Center, the city’s fifth-highest skyscraper, which hit the headlines in October 2017 when it became the world’s most expensive office building after Hong Kong’s richest man sold it for more than $5 billion.

The identity of the buyer was not known.

Commercial and residential property prices have been fuelled by an influx of money from wealthy mainland Chinese investors and developers.

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Printable version | Dec 10, 2019 5:19:01 PM | https://www.thehindu.com/news/international/hong-kong-parking-space-sold-for-970000/article29789773.ece

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