Wednesday, 14 June 2017

The Privilege of Parking

Can you imagine paying over HK$5 million to be able to park your car?
A Hong Kong executive has paid a world record HK$5.18 million (US$664,260) for a parking spot in Sai Ying Pun.

Kwan Wai-ming is the executive director of Huarong Investment Stock Corp and needed a third parking spot in The Upton, a new mixed business and residential complex.

The last record price for a parking spot was HK$4.8 million at 55 Conduit Road in Mid-Levels last October.

The price beat the record at 55 Conduit Road at HK$4.8M
In this case, Kwan probably lives at The Upton, having forked over HK$75.6 million in 2014 and 2016 for two units in the building, and then last January he bought two parking spaces at HK$3.78 million and HK$3.98 million.

To put this into perspective for ordinary folk, there's a parking garage across from The Upton where it costs HK$3,000 to rent a parking spot there.

But Kwan is paying for the convenience and security of having his cars in the same building.

The rest of us would use HK$5.18 million to buy a flat to live in -- if given a chance.

Ah, the lifestyles of the rich and obnoxiously loaded...

1 comment:

  1. Yet another sign of how ridiculously large the divide between rich and poor is in Hong Kong. I wonder: how much, if at all, has Kwan Wai-ming donated to charity/help ease the lives of the miserably poor here?