Hong Kong might be heading for recession after months of violent protests but that hasn't stopped one businessman from forking out almost $1 million for a parking spot.
The HK$7.6 million price tag is more than 30 times the average annual wage in Hong Kong and about the same as a one-bed apartment in London's plush Chelsea area. The purchase comes even though there are growing concerns about the impact of the pro-democracy demonstrations on the city's real estate market with property firms' share prices plunging in recent months, as they are forced to offer discounts on new projects and cut office rents.
"A lot of those owners in The Center are in finance or in other high-growth businesses," Stanley Poon, a managing director at Centaline Commercial, said."To these tycoons, it’s not a significant purchase if you compare it to the value of the office floors they own."
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