Hong Kong parking space sells for nearly $1 million

Oct. 24 (UPI) -- A Hong Kong businessman set a new record for the city when he sold a coveted downtown parking space for a total $969,000.

Johnny Cheung, who formerly owned four parking spaces in front of the 79-story office tower The Center, previously sold three spaces for sums in the high six digits, but the final spot ended up fetching the highest price: $969,000.

Cheung did not identify the buyer, but said it is someone with office space inside the skyscraper, which has only 40 total parking spaces available.

The amount is the largest ever paid for a parking space in the city, beating out a $760,000 price shelled out in 2018 for a parking space in front of a Kowloon luxury apartment building.

The parking space is believed to now be the most expensive in the world, costing more than three times the median cost of a home in Hong Kong.