Hong Kong businessman Johnny Cheung buys parking space for $1 Million

Hong Kong has seen a huge ecomic recession after month-long violent protests, but a businessman spent almost USD $1 million for a parking slot. amount of money paid by businessman Johnny Cheung Shun-yee can be taken as an example to realise  huge inequality gap where one in five people live below poverty line. HK$7.6 million amount is more than 30 times aver annual w in Hong Kong and equivalent to a one-bedroom apartment in London's Chelsea area.

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parking plot is situated at Centre

It is situated in Centre, which is city's fifth-highest skyscraper that appeared in helines in October 2017. It became world's most expensive office building after richest man of Hong Kong sold it for more than US $5 billion. purchase happened even though re are growing concerns about impact of ongoing protests on city's real estate market with property prices plummeting in recent months. y are forced to offer discounts on new projects and cut office rents.

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Hong Kong's ecomy is at its worst since 2009

ecomy is at its worst rate since 2009 during global financial crisis and is growing at a rate of 0-1.0 per cent this year. A managing director at Centaline Commercial, Stanley Poon said that a lot of owners in Center are in finance or in or high-growth businesses. Hong Kong's property has become a political issue as costs skyrocketed and on or hand, many residents can't afford to buy or lease decent homes. Commercial and residential property prices have increased by an influx of money from rich mainland Chinese investors and developers. month-long protests in city show protestors' hatred towards government and police and have incited anger due to huge disparity between rich and poor.

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(With inputs from ncies)