The buyer of the parking lot, an executive director of an investment firm in Hong Kong, already has two other parking spaces in the luxury apartment complex in the West of the island.
The parking space was sold to Kwan Wai-ming on May 31, records at the Land Registry show. The previous record was recorded again in Hong Kong last October when another parking spot was given 549,000 euros.
If you thought NY real estate was bad, feast your eyes upon Hong Kong, where a 188 square foot parking spot just sold for a record $664,000, making it the most expensive parking spot in the world.
Kwan paid a total of HK$75.6 million in 2014 and 2016 for two apartment units at Upton, according to records.
An area of the parking space is 188 sq. ft (17.5 sq. meters).
In May, Hong Kong imposed stricter restrictions on bank lending to developers, warning there was a need to review credit risks posed by property companies in one of the world's most expensive real estate markets. However, anybody willing to spend "more than HK$50 million for an apartment will not want to leave their vehicles in the public auto parks", he said.
The plan to shrink the balance sheet is weighing on the market and resulted in the surge in Hibor, said Raymond Yeung, chief Greater China economist at Australia & New Zealand Banking Group Ltd. Schafer Cullen Capital Management Inc. now owns 102,132 shares of the Wireless communications provider's stock worth $6,283,000 after buying an additional 14,685 shares during the period.
"There's a public vehicle park across from Upton, which charges a monthly rent of HK$3,000", said Ricky Tang, senior director of Ricacorp Properties' West Mid-Levels. Rs 3.1 crore) and HKD3.98 million (approx. The premium on Libor - the one-month US interbank rate - over Hong Kong's Hibor rate swelled to 79 basis points on Wednesday, the most since November 2008.