Asia-Pacific

Banking on parking spaces in Hong Kong

More people shift investments in properties to parking lots, as roadside rates accelerate.
Last Modified: 25 Dec 2012 18:17

An increasing number of investors in Hong Kong have turned to parking lots, which are in huge demand in the Chinese city, to make major profits.

The rates for parking spaces in Hong Kong, a city with a population of about seven million people, have skyrocketed partly because of people switching their investments to avoid new property taxes.

Al Jazeera's Stephanie Scawen reports from Hong Kong.

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