Posted on 06/22/2018 5:01:34 PM PDT by simpson96
A man in Hong Kong has just spent US$760,000 on a space in a parking garage, reportedly the most that anyone has ever paid for a place to leave a car. The news prompted the South China Morning Post to try and discover who would spend so much money on a parking space, located at the Ultima luxury residential development in Ho Man Tin, near Kowloon Bay (pictured).
Reporters checked the special district’s land registry, and found that the buyer is Jack Chan Siu-kit, chairman of Pan Pacific Financial Holdings, according to Chinese state news agency Xinhua.
He and partner Cheung Tsui-ling are founders of the Chinese Youth Dreamers Foundation.
The parking space is small beer, it turns out. The pair own nine luxury properties in the city, and reportedly spent $25m on six properties in 2014 and 2015.
The price paid is symptomatic of the runaway property market in Hong Kong.
Prices have doubled in the last 10 years, reaching US$3,182 per square foot, compared with $2,510 for a prime location in central London, bringing the cost of a modest three bed apartment to about $19m.
A number of other parking spaces have changed hands for astonishing sums in the past few years.
A spot at Dragons Range in Sha Tin, in the New Territories, sold for $530,000 in April, and in June last year, a business executive paid $660,000 for another rectangle of concrete in Sai Ying Pun on Hong Kong island.
Last year, property developer Henderson agreed to buy a five-storey car park in the Central district of Hong Kong for US$3bn, making it “the world’s most expensive commercial land plot”.
(Excerpt) Read more at globalconstructionreview.com ...
“Who bought a Hong Kong parking space for $760,000?”
Someone who will be trying to unload it for $100K once the Chinese trade bubble is popped.
So you can buy a house for $3k per sq ft, but a nice parking space costs over $4k per sq ft?
That’s HIS business, no one else’s.
At that price, just have a car and driver on call. It would be cheaper. Maybe he loves to drive?
At our church, someone bought a parking spot near the door for $20,000. For a year.
Actually it was a charity auction, and the $20,000 person edged out the other by $1,000. So they decided to offer both the people a space at the $20k. Proceeds go to a Christian school and housing for at-risk kids.
I remember my wife and I flying into Hong Kong (Kai Tac if I recall correctly) for a 10 day stay at the Peninsula Hotel. The hotel picked us up at the airport in a Rolls Royce. We didn’t need a parking spot and it was awesome! (It was also 45 years ago. Still a Brit Crown Colony at the time.) Now way to afford that now.
$760k is pocket change if you are a billionaire, and I’m sure there are many in Hong Kong.
He could have a staff of full time chauffeurs for half of that. Likes his freedom and privacy, I guess.
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