Bought a parking space for 592000 euros

  • Bought a parking space for 592000 euros

Bought a parking space for 592000 euros

The move registered swiftly in markets, with the city's one-month interbank rate, known as Hibor, jumping the most in six months, and a gauge of property stocks in Hong Kong retreating more than 1 percent.

The parking lot has been bought by Kwan Wai-ming, the executive director of Huarong Investment Stock Corp.

The price paid by Kwan, 58, surpassed the HK$4.8m record set last October at 55 Conduit Road at the Mid-Levels, the then world record holder for the costliest auto park. It's located in Hong Kong's western Sai Ying Pun district, which is known for "quirky second-hand stores, incense shops and traditional Chinese apartments". China Unicom (Hong Kong) presently has a consensus rating of "Buy" and a consensus target price of $13.75.

Hong Kong's benchmark Hang Seng index was down 0.8 per cent, at 25,676.08 points, with the decline led by the real estate sector, which is vulnerable to higher borrowing costs.

The massive amount of money paid for a parking place indicates a broader rise in real-estate values.

Choy went on to say what everyone is thinking: "This is insane, actually".

Hong Kong property is consistently ranked among the world's most unaffordable, and prices continue to soar.

At just 188 square feet, or 17.5 square metres, that works out to a staggering $3,500 per square foot. Higher taxes on home purchases could stimulate investment demand for non-residential properties, with some buyers shifting to office and parking space, according to analysts Patrick Wong and Francis Chan of Bloomberg Intelligence. In 2016, The Hong Kong Poverty Report 2011-2015, released figures which showed that the city's richest were now earning about 29 times what the poorest make, up from 26 times in 2014.

Small businesses are being forced to close due to spiralling rents and many residents can not afford to buy or rent decent homes.

Critics also accuse the government of having cosy ties with developers, rather than prioritizing the construction of more reasonable public housing.