Parking space in Hong Kong sold for $1.3m

The Centre office building in Hong Kong's Central district, which is the priciest office tower in the world, is now also the building with the most expensive parking space in the city. The parking spot was sold for a jaw-dropping HK7.6 million this w
The Centre office building in Hong Kong's Central district, which is the priciest office tower in the world, is now also the building with the most expensive parking space in the city. The parking spot was sold for a jaw-dropping HK7.6 million this week.PHOTO: AGENCE FRANCE-PRESSE

HONG KONG • If anyone needed further evidence of Hong Kong's sky-high real estate prices, they found it this week with news that a car parking space sold for more than HK$7.5 million (S$1.3 million).

The space went for HK$7.6 million, making it the most expensive place to park a car in the city, and perhaps anywhere in the world.

The seller was Mr Johnny Cheung Shun Yee, a businessman with a reputation for flipping property.

He made around HK$900 million last year in about nine months by buying and selling floors in an office building.

The parking spot is actually in that same building - The Centre in Central, which also happens to be the priciest office tower in the world.

For the cost of the parking space, you could buy a one-bedroom apartment in Manhattan.

"A lot of those owners in The Centre are in finance or in other high-growth businesses," said Mr Stanley Poon, a managing director at Centaline Commercial.

"To these tycoons, it's not a significant purchase if you compare it with the value of the office floors they own."

The jaw-dropping price is also another illustration of the gap in Hong Kong between the ultra-rich and ordinary people.

That income inequality has fuelled violent protests which have rocked the city for months now, and show no sign of stopping.

Hong Kong's Gini coefficient - a measure of economic inequality - was the highest for any developed economy in 2016, and one in five residents lives below the poverty line.

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A version of this article appeared in the print edition of The Straits Times on October 25, 2019, with the headline 'Parking space in Hong Kong sold for $1.3m'. Print Edition | Subscribe