U.S. Markets closed

News Summary: HK parking spot craze

The Associated Press

LOT OF MONEY: Investors looking for new places to park their cash in Hong Kong are driving up prices for parking spaces, sparking fears of a bubble in the Asian financial center.

METER MADE: Over the weekend, a developer sold about 500 parking spots at a new suburban apartment complex at prices up to $167,000 per space. In a commercial building near the city's financial district on Hong Kong Island, an investor has put 34 parking spaces on sale for $12.9 million, according to a report last week in the Ming Pao newspaper.

TICKET TO RIDE: Nearly 8,400 parking spaces worth HK$5.6 billion changed hands in the first 10 months of this year, compared to 8,300 such transactions worth 5.4 billion Hong Kong dollars for all of 2011, according to Land Registry data compiled by Midland. There are "a lot of speculators in the market, especially for car parks," said Buggle Lau, senior analyst with Midland Realty. A bubble is "definitely forming."