• Newsfeed
  • Hong Kong

A Single Car Parking Spot Just Sold in Hong Kong for Almost a Million Dollars

2 minute read

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 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 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 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.

One senior realtor told media: “Good times or bad times, there are still ultra-rich people paying whatever needed to get what they like.”

More Must-Reads from TIME

Write to Hillary Leung / Hong Kong at hillary.leung@time.com