Parking Spot Costs $640,000
What better way to encourage the use of public transportation than to making the cost of parking outrageous! That is the case in Hong Kong, where land, no matter how small, is a great commodity. CEO Jacinto Tong has a piece of prime real estate in Hong Kong – a parking spot. Yes, it is only 8-feet-by16-feet, but this slab of concrete comes at a hefty price – $640,000. That is about $5,000 per square foot. Tong says it is the best parking spot he’s ever had – he only has to walk 20 steps to the elevator. And, he … Continue reading