World's costliest parking space sold for almost $1 million

At the 73-story Hong Kong skyscraper "Center", a pricey parking space reserved for executives and tenants was recently sold for an eye-popping $969,000 by businessman Johnny Cheung.

Johnny Cheung Shun-yee, one of the 10 investors in the consortium that paid $5.15 billion last year for "The Center", had owned four car parks in the tower of the 400 available spaces and had previously sold the other three for six-figure sums.

The 134.5 square feet space is in front of The Center, a 79-floor steel office tower in Hong Kong's busy Central neighbourhood, CNN reports.

The cost of the parking space breaks down to $7,209 per square foot, which is three times the median price of a Hong Kong house.

As one of the world's most densely populated islands, Hong Kong has long held space at a premium. The previous record-holder for most expensive parking space in the city was a $760,000 spot in front of a Kowloon luxury apartment building in 2018.

And it's not only parking that comes at a high price in the city.

The annual Mercer Cost of Living Index named Hong Kong the most expensive city in the world for residents in 2018 and 2019.

Meanwhile, real estate firm CBRE reported that the average home price in Hong Kong was $1.235 million, putting the city atop a list of the priciest real estate markets in the world ahead of Singapore, London and New York City.

The sale price, in a city where nearly one in five residents lived below the government-defined poverty line in 2017, underscores the wealth gap that has pushed Hong Kong into the worst political crisis in decades.

With anti-government protests taking place in Hong Kong enter their fifth month, there have been questions about whether the city's reputation as a financial center is at risk.

For office workers who do not have the ability to pay for a coveted The Center parking space, a ride on the MTR subway system can be had for less than $10.