Hong Kong property investors find new avenue to park their money
HONG KONG (REUTERS) - Hong Kong's investors are snapping up parking spaces, raising fears of a bubble after government moves to cool soaring property prices last month drove speculators to seek new options.
One investor had put a total price tag of HK$100 million (S$15.8 million) on 34 parking spaces in a commercial building near Western, said Mr Sean Tsoi, a dealer at property development and investment agency AGW Holdings, referring to an area just five minutes by car from the heart of Hong Kong's financial district.
The average price for each space in the building was about HK$3 million, higher than the cost of a small apartment in some areas of Hong Kong, which is home to the world's most expensive residential and retail property.
"Carparks have become a new hot item," said Mr Hanson Lam, a senior property consultant at Midland Realty. "They're overpriced, and I worry that there might be a bubble."