Guangzhou Building Sells Parking Spaces for 1.1 Million Yuan

Guangzhou Building Sells Parking Spaces for 1.1 Million Yuan
Aug 07, 2015 By eChinacities.com

More Chinese own cars than ever before and parking is getting ridiculously expensive in China. In Chengdu alone, there are 3.07 million car owners, second to only Beijing, according to CCTV Finance. Parking spaces have extremely expensive for urban Chinese car owners.

Guangdong recently released a pricing guide for residential and commercial parking spaces to be implemented on August 15. The prices were determined by Guangdong's Provincial Development and Reform Commission.

Many residential buildings currently sell parking spaces and instead of renting them out, as was the norm in the past. In Guangzhou's Yuexie District, one residential area sells its parking spaces for a whopping 1.1 million Yuan. When reporters investigated the parking lot, it was packed with cars. The lot owners said that parking was previously 500 Yuan per month, but they decided to sell off the spaces instead of renting them.

Source: inews.qq.com

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Keywords: Chengdu car owners Guangdong parking Guangzhou parking

4 Comments

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RandomGuy

Public transport is so efficient and taxis so cheap in China that owning a car has no purpose beside showing off. Some dudes here seem to think that owning a car will help them get laid, like teenagers back home you know. I have no car but a wonderful girlfriend. Self-confidence and being a cool dude works far better than owning a big car :)

Aug 10, 2015 21:05 Report Abuse

SaifMalik

I can afford to buy a car... But I don't want to buy the running costs for a car, they are just too damn expensive in a country where the average person earns like $500 a month.

Aug 09, 2015 12:13 Report Abuse

Guest2650392

Lies to prop up face, price jerking scam where buyer and seller collaborate, this has to be your first day in china if you fall for these con prices.

Aug 09, 2015 09:10 Report Abuse

Pahionius

Just another way to make some rich Chinese more rich =) Good job!

Aug 07, 2015 17:14 Report Abuse