A 1.15 million euro parking space. Hong Kong’s real estate follies
There are cases in which the cost of the car is secondary to that…. of the parking lot! According to the latest data from the Hong Kong Land Registry, three parking spaces were sold for $ 1.53 million, approximately € 1.3 million, each, for a total of $ 4.59 million, 3.9 million euros, a new record for car seat sales in Hong Kong . The covered parking spaces sold for 240 thousand euros in the center of Rome (Horti Sallustiani area) are, by comparison, very affordable.
Buyer Poon Ho-Tak, executive director of Texwinca Holdings (a popular casual clothing brand in Asia), bought two apartments during Phase II of the Mount Nicholson complex development in 2016 for more than $ 96 million, about $ 80,000. euros per square foot.
And now, dear Italian real estate developers, pale in the face of Hong Kong prices. Mr. and Ms. Leung Shiu Hung also purchased four parking spaces in the initial project for a total of $ 5.06 million, with an average price of $ 1.27 million per transaction. After all, Mr. Hung is the nineteenth richest man in Hong Kong. He had previously paid $ 17 million for a particular parking lot, but the purchase was aimed at completing ownership of a property.
Mainland Chinese buyers were active in the luxury residential complex's parking transactions. According to the Hong Kong Land Registry, a parking lot was sold last month for $ 1.3 million to Qiu Mingjing, a wealthy private individual who bought a mid-rise unit in Mount Nicholson for $ 69 million in a one-time fee. last June.
Other mainland buyers include: Zhu Xingliang, the founder of the China Golden Mantis Group, who bought a parking space at the property last month for $ 1.3 million;
Lin Zhongmin, the president of the Yi'an group, who bought three parking spaces for over $ 3.54 million;
Yu Feng, founder and president of the China Yunfeng Fund, bought three parking spaces for over $ 3.67 million; is
Huo Dong, the president of Shenzhen-listed company Rendong Holdings, bought a parking lot for $ 1.2 million.
Mount Nicholson, one of Hong Kong's most expensive hillside sites, is located in the Wanchai District with the best view overlooking Victoria Harbor. The co-developers are Hong Kong real estate developer Nan Fung Group and Wharf Holdings.
Mount Nicholson is famous for having the highest building land cost in the former British colony. In 2017, two units were sold for $ 150 million with an average price of around € 150,000 per m2, the highest cost in Asia and, arguably, the world. The record was held until this February, when the buyer Cheung Kong paid 160,000 euros per m2. We are talking, literally, of another world, in a territory where 40% of the population would like to leave.
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The article A parking space of 1.15 million euros. The real estate madness of Hong Kong comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/un-posto-auto-da-115-milioni-di-euro-le-follei-immobiliari-di-hong-kong/ on Fri, 09 Jul 2021 17:48:39 +0000.