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
(via Marginal Revolution)
Brittany Kaiser is an ex-Cambridge Analytica employee who gave written testimony and answered questions at the UK Parliament this week in which she revealed that the Facebook apps that Cambridge Analytica used to covertly gain access to millions of users' data went far beyond the ones disclosed to date, and that the number of total […]
It's hard to know what to make of the raid on Trump family lawyer/bagman/fixer Michael Cohen's office -- there's been plenty of news tick-tock on the subject and legal experts agree that something momentous is going on, but what, exactly, does it all mean.
A court filing in the case of President Donald Trump’s lawyer Michael Cohen shows that prosecutors obtained “covert” search warrants on multiple email accounts belonging to Cohen. An early report says “Cohen is in fact performing little to no legal work,” according to sources, and “zero emails were exchanged with President Trump.” If that’s the […]
Our world is a colorful one, and when it comes time to repaint the house or create a new design, many of us look to our surroundings for inspiration. However, matching colors from the outside world to our canvas isn’t the most precise process when we’re just eyeballing it. The Nix Pro Color Sensor removes the […]
You probably remember the Twisty Glass Blunt since we love to write about it. And you may also remember its little buddy, the Twisty Glass Mini. Well, today we’ve got a fun surprise that isn’t so little. Less isn’t always more, and on those days when you need to decompress with a good smoke, the Twisty XL […]
Another year, another iteration of Samsung’s Galaxy smartphone—except this time around Samsung sought to redefine what a smartphone can do completely. Boasting a 6.2″ Quad HD+ Super AMOLED (2960×1440) infinity display, and an elite 10nm 64-bit Octa-Core Processor with 6GB RAM, the S9+ is an absolute powerhouse with a price tag to match. However, you […]