A wealthy executive in China recently bought the world’s most expensive parking space.
Kwan Wai-ming, executive director of Huarong Investment Stock Corp., paid the record price of $664,300 for the spot at the Upton apartment complex in Hong Kong.
The massive purchase surpassed the previous record of $615,467 for a nearby spot that was acquired back in October of 2016. The 188-square-foot parking space that Kwan just purchased cost more than some homes in Hong Kong.
Ricky Tang, senior director of Ricacorp Properties, said that with Hong Kong’s sky high property prices, expensive parking spaces are considered a status symbol and those willing to spend “more than [$6.4 million] for an apartment will not want to leave their vehicles in the public car parks.”