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A Parking Space in Hong Kong Just Sold for Almost $1 Million

The Center on Hong Kong island.
The Center on Hong Kong island.Photographer: Jerome Favre/Bloomberg

If anyone needed further evidence of Hong Kong’s sky-high real estate prices they found it this week with news that a car parking spot sold for almost $1 million.

The space went for HK$7.6 million ($970,000), making it the most expensive place to park an automobile in the city, and perhaps anywhere in the world. The seller was Johnny Cheung Shun-yee, a businessman with a reputation for flipping property. He made around HK$900 million last year in about nine months by buying and selling floors in an office building.