While the real estate market in Hong Kong is known for its sky rocketing prices, a parking space recently was sold for 4.26 crore.
The residential parking is spread over 188 square-feet. The staggering price of the luxurious parking spot broke the previous record, set in 2016, of parking spot worth sale value of 4 cr.
The eye-watering price can let a small family afford an apartment in China's special administrative region. However, this shows that the prices are not going to come down any sooner while the residents keep criticizing the unaffordable property of Hong Kong.
Local newspaper Ming Pao claimed that Kwan Waiming, CEO of Huarong Investment Stock Corp, which has ties with Chinaâ€™s state owned asset management company, procured the parking lot, which is in Sai Ying Pun area.