Hong Kong parking space sells for record $664,300

June 14 (UPI) -- An executive in China purchased the world's most expensive parking space in a lot at a local apartment building.

Kwan Wai-ming, executive director of Huarong Investment Stock Corp., paid the record price of $664,300 for the parking spot at the Upton apartment complex in Hong Kong.

Kwan's purchase surpassed the previous record of $615,467 for a parking spot at 55 Conduit Road in October 2016.

The 188-square-foot parking space Kwan purchased cost more than some homes in Hong Kong, including a 284-square-foot, two-bedroom home in Sha Tin which sold for $538,554.

Ricky Tang, senior director of Ricacorp Properties said with Hong Kong's 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."

"It's hard to say whether these purchases are worth the money, as buyers see them as necessities, and they can afford them," Tang added.