Someone just paid over $600,000 for a parking spot in Hong Kong

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June 15, 2017 11:48 PM

Parking a luxury car in Hong Kong is going to cost you.

If you think millennials have it tough in the US, they really have it hard in Hong Kong.

"This is basically the price of one flat in Hong Kong," Lennon Choy, an associate professor of real estate and construction at the University of Hong Kong, told The New York Times.

Choy went on to say what everyone is thinking:

The record-breaking parking spot is almost double the price of a Hong Kong parking spot that sold for $387,000 in 2012 and caused quite a stir at the time. The previous record for most expensive parking spot was $615,000 in 2016, The New York Times reported.

If the 'Rich Kids of Hong Kong' Instagram account is any indicator, parking spots for luxury cars may be particularly in-demand. There is no shortage of cars in the photos, including a McLaren 675LT Spider that has a starting price of $372,600.

Compared to the $664,000 parking spot, the McLaren could almost look like a steal.

But compared to the current median price of a home in the US, which is $309,200, according to the Federal Reserve, all of it seems pretty insane.

Read the full article at the New York Times »

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