Why car park ownership is big business in Hong Kong

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  • South China Morning Post published this video item, entitled “Why car park ownership is big business in Hong Kong” – below is their description.

    Hong Kong not only has a reputation for having the world’s least-affordable housing market. Just finding a place to park a car can be an expensive endeavour because of the city’s limited land supply. In 2020, the average transaction price for a Hong Kong car park space was about HK$2.14 million (US$275,700), according to Midland Realty, one of the city’s leading real estate agencies.

    Post reporter Alkira Reinfrank looked into why car park spaces are so expensive, and how they have become part of a market that is appealing to investors.

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    China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong. The capital is Beijing.

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    Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.

    Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.

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