On October 24 a Hong Kong real estate agent by the name of Johnny Cheung sold a parking space to an unidentified buyer for a whopping $969,000. The parking spot is in front of a 79-floor business building in one of the most popular neighborhoods in Hong Kong. There is also one of the biggest banks and law firms around the parking spot. Hong Kong is a very densely populated island, so any space on the island is extremely expensive. The average cost of a home in Hong Kong is 1.235 million, making it the most expensive place to live in the world. This was all done during the anti-government movement, which is making people question if Hong Kong is a financial powerhouse.
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Why do you think that the parking spot was that expensive?
I think that the parking spot was so expense because of it's location in a major part of the city, and that everything seems to be expensive in Hong Kong
Would you have paid $969,00 for a parking space?
For me it would depend on the situation. For example if I had enough money, and I thought that I needed the parking space to work, then I would buy it.
Replies
Good job overall Dominic! I do think your story choice wasn't the best. If it related to the protests ins some way, it would have been better. As it stands, it just isn't an important story that requires any thought for your readers. A look at your questions shows you that the topic wasn't a good choice.
I think the reason the parking spot was so expensive was because of its prime location, and whoever bought it probably has a lot of money. I would definitely not have paid that much for a parking spot, but, like I said, the person who bought it is probably very wealthy and had no problem paying for it.
The avarage home in Hong Kong is 1.235 million dollars and that's just for one house. So a parking lot you would think would have more land which would cost more but he's only wanting 969.00 that is cheeper then a house, and he can do anything with the lot he want's. I would not pay that much for a parking space cause I don't want to live in Hong Kong and I don't think I will ever need a parking lot.
The 969 thousand dollars was payed for one parking spot, not an entire lot; however, it is still very expensive due to the overpopulation. I would buy the parking spot if I had enough money, because I think it will be far better than walking, and I could sell it for more money in the future.
I think it got that expensive because everyone wanted it and it is a popular area so it is probably a normal price. I wouldn't because i see no point in buying a parking stall if it is all close together.
I too think that the price was heavily affected by the amount of people living on such a small piece of land. I would buy the parking spot because I think it would be far more convinent that walking with everyone. Plus, I could rent out the parking spot or even sell it for more.
I also believe that it's location is definitely a large factor, and since there are many people in Hong Kong. If I had enough money and I parked alot in that area already, I would definitely consider it. Like you said, it would depend on the situation.
Another factor may be the amount of people wanting the spot, because they may have started a bidding war which could increase the price signifigantly. I would buy the parking spot if I had enough money because it would be far more convinent than walking through tons of traffic.
I think that the spot was that expensive because if it's in a higher populated or popular building more people are willing to pay more for easy access. It would depend if I had to pay for the rent of the spot of if it was mine completely after I bought it. If it was completely mine I would buy it because that would save me from having to pay for a spot yearly or pay a meter.
I too think that the price of the spot was heavily affected by the massive population, but the price could have also been raised by a potential bidding war. I would also buy the spot because it would be convinent, and I could potentially sell it for more later in my life.
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