Hong Kong sets $1.3m parking space price record

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A parking space has reportedly sold for a record-breaking $1.3m (HK$10.2m; £930,000) in Hong Kong.

It was one of several spots sold at an ultra-luxury development in the city’s affluent The Peak residential area, local media reported.

The Mount Nicholson development overlooking the city’s Victoria Harbour has some of Asia’s most valuable homes.

Hong Kong is so crowded that space, whether it is for living in or parking a car, can attract a huge premium.

The global financial hub