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

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

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The parking plot is situated at The Centre

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

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Hong Kong's economy is at its worst since 2009

The economy is at its worst rate since 2009 during the 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 the owners in The Center are in finance or in other high-growth businesses. Hong Kong's property has become a political issue as the costs skyrocketed and on the other 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 the rich mainland Chinese investors and developers. The month-long protests in the city show protestors' hatred towards the government and police and have incited anger due to the huge disparity between rich and poor.

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(With inputs from agencies)