We knew Hong Kong was a crowded city, but high real estate prices there have even inflated the price of parking spaces to insane levels.
Cheung Kong Holdings sold 514 spaces this week for between $126,000 and $167,000 each, with every slot supposedly able to fetch rents in the neighborhood of $600 per month. One space sold for $387,000 last May, more than many Americans' homes.
Hong Kong's parking space bubble comes after its government passed legislation aimed at calming skyrocketing housing prices, which in some areas have shot up as much as 20 percent recently. Unfortunately for parking space customers, the price boom merely spilled over into the parking lot market, where speculators have positioned themselves to profit from the situation.
We're guessing there aren't too many parking lot mechanics or working class car enthusiasts in Hong Kong. Well, unless they're Kid Rock-esque millionaires who don't mind wrenching on an '86 Oldsmobile Cutlass in a $150,000 parking stall (I would if I had the money, just because).
In any case, parking in Hong Kong is still cheaper than leaving your car at Chicago's O'Hare International Airport.
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