A Hong Kong parking space just sold for USD664K

The 188 square foot parking space went for HKD5.18m (USD664,300) — HKD27,500/sqft.

Hong Kong is one of the many great cities of the world — LA, Toronto, Vancouver, Sydney, London, etc — whose property markets have become a laundry for offshore black money, with anonymous trusts and numbered companies bidding up basic shelter in order to park them money that has been smuggled out of the reach of tax authorities.

Property prices keep soaring higher in Hong Kong despite the government's efforts to tame the world's least affordable housing market. 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.

The parking spot is at the residential building Upton, which was also the site of the previous record parking-space transaction, the Chinese newspaper said.

An entire car-park building sold for a then-record HK$23.3 billion last month to Henderson Land Development Co., which snapped up the rare Central district site for a planned office tower.

Hong Kong Parking Space Sells for Record $664,300, Ming Pao Says
[Fion Li/Bloomberg]

(via Marginal Revolution)