H.K. investors turn to car parks as property cools | Bangkok Post: news

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H.K. investors turn to car parks as property cools

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Curbs on buying property in Hong Kong have cooled a market pushed sky-high by mainland Chinese investors. But the steps have sparked a craze for an unlikely new investment -- the car parking space. 

Cars are seen parked on the roof of a parking garage in Hong Kong on December 2. Curbs on buying property in Hong Kong have cooled a market pushed sky-high by mainland Chinese investors. But the steps have sparked a craze for an unlikely new investment -- the car parking space.

The Asian financial hub slapped new taxes on residential properties in late October to rein in prices, amid growing complaints from Hong Kongers that buying even a tiny flat was now out of their reach.

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