[ChiragM]

According to a media report, a parking spot in Hong Kong has sold for HK$ 7.6 million, which is around US$ 9,70,000.



The report claims it to be the most expensive parking space in Hong Kong, and perhaps in the world. The parking space is located in an office building called The Center in the Central area of Hong Kong and was sold by businessman Johnny Cheung Shun-yee. The report suggests that the cost of the parking space is the same as a 1-bedroom apartment in Manhattan.

The report also highlights the income inequality in Hong Kong. According to the report, the region's Gini coefficient was the most for any developed economy in 2016. It is said that one in five residents live below the poverty line.

Link to Team-BHP News

Source

Image Source

[CrAzY dRiVeR]

Originally Posted by ChiragM

It is said that one in five residents live below the poverty line.

In a country where many people live inside coffins and cages, instead of homes, due to unaffordably high real estate prices, a parking space selling for such a high rate shouldn't raise so many eyebrows.

A video to watch on the real estate scene in Hong Kong -

https://youtu.be/hLrFyjGZ9NU

[GTO]

Crazy! I wonder what kind of car will be parked in this precious spot .

In Mumbai, a few hard-to-get parking spots have already crossed 2 crores a piece (related thread (Car Parking costs a whopping Crore in Mumbai)). And in New York too, some parking spots are going for $1 million (related post).

[RaghuVis]

Well I am least surprised by this! I worked in that same building for close to 10 months for a bank project. Most of my colleagues had BMW/Audi/Merc but always came to office in metro since there was not enough parking in office, even paid ones. The paid parking rates were 16$ per hour in 2012 where 1 HK $ was 8 INR which translates to 130 bucks per hour and close to 1000 bucks for a day. They had to pay for parking their cars in their houses as well but was much lesser compared to office parking rates.

Remember a funny anecdote from those times. Every year HK government gives back some money to every citizen which they think was government's surplus amount after financial year end. The year when I was there, government declared that they would be giving 2500$ for that year. Most of my HK friends with shocked with the amount which they believed was very minuscule. I remember one lady quipping "This won't even cover my parking charges" which was followed by a loud cheer and unanimous agreement.

[bmw_lover]

Originally Posted by RaghuVis

The paid parking rates were 16$ per hour in 2012 where 1 HK $ was 8 INR which translates to 130 bucks per hour and close to 1000 bucks for a day. They had to pay for parking their cars in their houses as well but was much lesser compared to office parking rates.

Suddenly i am liking my country very much. I appreciate the city where i live and have immediately felt a change of mind wrt settling abroad. To hell with the quality of life.