Hong Kong car park sells for $3bn
A piece of land currently occupied by a modest multi-storey car park has been sold in Hong Kong for three-billion dollars. It's the first large parcel of land to be sold in central Hong Kong for twenty years. It was bought by a property company controlled by one of the territory's richest men, Lee Shau-kee. He intends to knock down the car park -- squeezed between a flyover and two existing skyscrapers -- and build an office block. Hong Kong is one of the most crowded places on the planet, with property prices frequently described as crazy.. It's the first large parcel of land to be sold in central Hong Kong for twenty years. The ÃÛÑ¿´«Ã½'s Fergus Nicoll asked London property guru Peter MacLean for his reaction.
(PHOTO: The Murray Road carpark in Hong Kong which has been sold for $3 billion. CREDIT: AFP.)
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