A $664,000 Parking Spot Symbolizes Hong Kong’s Property Frenzy<br />That price, paid for a spot in an apartment complex on Hong Kong Island, was a new local<br />record, breaking the previous $615,000 paid for a slightly smaller spot last year.<br />Hong Kong is now home to a very expensive parking spot, the latest sign of a property market run amok.<br />The huge price paid for a single parking spot illustrates the broader rise in real estate values.<br />He already owns property in the same apartment complex where the parking spot is situated, called the Upton, in the Sai Ying Pun district.<br />Norman Chan said that The risk of overheating in the property market in Hong Kong continues to increase,<br />Such an expensive parking spot may seem excessive in a city where transportation can be cheap.
