The Straits Times
Published on Nov 26, 2012

Hong Kong car park space fetches over $205,000: Report


HONG KONG (AFP) - An individual car parking space has sold for HK$1.3 million (S$205,029) in Hong Kong, reports said on Monday, as investors seek new ways of making money amid sky-high property prices.

Buyers have turned to parking lots to make quick gains after the government imposed a series of measures last month to try to cool the Chinese city's overheated housing market.

But the soaring price of a car park space is raising concern that money flowing into the city could further inflate the red-hot property market, the South China Morning Post reported.

Tycoon Li Ka Shing's flagship Cheung Kong Holdings made HK$600 million over the weekend after it sold 514 car park slots, according to the Post and The Standard newspapers.