Speed Reads

real estate

The price of parking in Hong Kong is going to blow your mind

Why spend pointless hours of your life driving in circles around the block looking for a parking when you can fork over $664,000 and call a 17-by-11 foot chunk of concrete your very own?

In Hong Kong, home of what is widely considered to be the most expensive housing market in the world, one person did just that, The New York Times reports. Kwan Wai-Ming, the executive director of the Huarong Investment Stock Corporation, is now the proud owner of the most expensive parking spot in the city. The $664,000 he paid beat out the previous record-holder, a smaller spot that sold for $615,000 last year.

"This is basically the price of one flat in Hong Kong," Lennon Choy, an associate professor of real estate at the University of Hong Kong, told the Times. "This is crazy, actually."

Especially crazy when, for the price of 30 cents, Kwan could just take the local tram.