Daijiworld Media Network - Hong Kong (SHP)

Hong Kong, Oct 25: Amid violent protests, a parking space in Hong Kong made news for being sold for a whopping HKD 7.6 million (USD 970,000). Hong Kong is always known for having exorbitant real estate prices and with the sale of the parking spot for such steep price, there is no further evidence required.

Johnny Cheung Shun-yee, the seller of the space has a reputation for flipping properties. The space he sold is in the most expensive office towers in the world called, 'The Center'.

“A lot of those owners in 'The Center' are in finance or other high-growth businesses. To these tycoons, it is not a significant purchase if you compare it to the value of the office floors they own." said Stanley Poon, managing director at Centaline Commercial.

However, the disparity of income between the rich and ordinary people continue to trigger turmoil in Hong Kong. One of the city surveys carried out asserts that one in five residents live below the poverty line.