HONG KONG – How much are you willing to pay for a good parking spot? How about more than half million dollars?
Jacinto Tong has no qualms shelling out some serious dough for his parking spot in Hong Kong. He owns a parking spot worth $640,000 USD, which comes out to $5,000 per square foot.
Another way to look at it: Tong spends more than $1700 per day to park there. Compare that to Hong Kong’s average daily parking rate of about $25 USD a day.
Tong says he only has to walk 20 steps from his car to the elevator. Obviously, this is a big deal to him. And get this, he doesn’t own one, but two of these parking spots and has no plans to sell them.
This just highlights Hong Kong’s real estate boom, with homes doubling in price since 2010.
As for us, we’ll stick with I-45 becoming a parking lot during rush hour. It’s a lot cheaper.