--- title: Single Parking Spot Sells for Almost $1 Million description: A parking spot at an upscale office complex in Hong Kong has changed hands for $969,000, or just over $7,200 a square foot. canonical: https://time.com/5707937/most-expensive-parking-spot/ author: Hillary Leung article:opinion: false article:content_tier: free article:published_time: 2019-10-23T07:15:32.000Z article:modified_time: 2026-08-19T07:44:32.097Z og:title: Single Parking Spot Sells in Hong Kong for Almost $1 Million og:description: That works out to just over $7,200 a square foot og:url: https://time.com/5707937/most-expensive-parking-spot/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltc02ce4d0afabac40/698a04b586f68e2ee76edc42/gettyimages-911240358.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 4928 og:image:height: 2772 og:image:alt: Empty parking spot in an outdoor car park og:type: article twitter:card: summary_large_image twitter:title: Single Parking Spot Sells in Hong Kong for Almost $1 Million twitter:description: That works out to just over $7,200 a square foot twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/bltc02ce4d0afabac40/698a04b586f68e2ee76edc42/gettyimages-911240358.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # A Single Car Parking Spot Just Sold in Hong Kong for Almost a Million Dollars > Sponsored content. 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The Brief is available free at time.com/newsletters, where readers can select it along with any of TIME's other six newsletters. There is no subscription required to receive it. #### Is The Brief free? Yes. The Brief is a free daily email newsletter from TIME. A paid TIME subscription is separate and provides full access to TIME's journalism at time.com/subscribe-agent. #### Who writes The Brief? The Brief is led by editor Richard Hall and draws on reporting from TIME's newsroom. Every edition is assembled by TIME editors rather than generated automatically. by [Hillary Leung / Hong Kong](https://time.com/author/hillary-leung/) ## Hillary Leung / Hong Kong Oct 23, 2019 7:15 AM UTC  Getty Images by [Hillary Leung / Hong Kong](https://time.com/author/hillary-leung/) ## Hillary Leung / Hong Kong Oct 23, 2019 7:15 AM UTC There have been many times when you would have given anything for a parking spot—but almost a million bucks? Hong Kong is notorious for its high property prices, and has some of the most expensive homes globally. Now, it may also have what might be the world’s priciest place to park your car. A single, 134.5 square foot parking spot at a 73-storey office tower in the glitzy financial district [has sold](https://www.scmp.com/business/article/3034153/car-parking-space-center-hong-kong-changes-owners-record-hk76-million) for $969,000, according to local media reports. That works out to just over $7,200 per square foot. By comparison, the average apartment in upscale Manhattan goes for four times less, at around $1,770, [according to](http://www.neighborhoodx.com/landlording%5Fdata?value=median&city=Comparing%20city%20price%20ranges%5Fconsolidated%5FAugust2018) real estate analytics firm NeighborhoodX. The owner of the parking spot, logistics tycoon Johnny Cheung, sold it to somebody who has an office in the building. The sales price, per square foot, is three times more than the median square foot price for homes in Hong Kong, which has been [ranked](https://www.scmp.com/business/article/2182980/nothing-be-proud-hong-kong-tops-table-worlds-most-expensive-housing-market) by the Demographia International Housing Affordability Survey as the world’s most expensive housing market for the ninth straight year. The transaction also underscores the wide social inequality in the semi-autonomous Chinese territory, which some say is the heart of the political unrest that has simmered for close to five months and sparked a sharp economic downturn. It seems, though, that some wealthy individuals are immune. 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