Another parking bay sells for a kingly sum in Hong Kong as Wantai Biological’s shareholder pays US$1.3 million for vehicle space at exclusive Mount Nicholson

Name: Why car park ownership is big business in Hong Kong
Uploaded: 2021-06-11T10:31:40.000Z
Duration: 3 min 23 s
Description: Why car park ownership is big business in Hong Kong

Qiu Mingjing, whose stake in Beijing Wantai Biologicial Pharmacy Enterprise is worth US$190 million, was revealed as the buyer on Friday

Her parking spot was cheaper than the world record US$1.53 million record paid by a textile tycoon in the same development

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Mount Nicholson is famous for its exorbitantly expensive parking spaces. Photo: SCMP Handout

Sandy Li

Published: 6:31pm, 11 Jun 2021Updated: 1:46pm, 12 Jun 2021

A wealthy shareholder in vaccine maker Beijing Wantai Biologicial Pharmacy Enterprise, has forked out HK$10.11 million (US$1.3 million) for a parking space at the exclusive Mount Nicholson on The Peak.

Qiu Mingjing’s identity was revealed by records filed to the Land Registry on Friday, two days after it emerged that textile tycoon Poon Ho-tak paid a world record HK$11.9 million for another parking bay at the super-deluxe development. Qiu’s purchase was 15 per cent cheaper than Poon’s.

Qiu is a big investor in Hong Kong property.

Last year, she bought a 4,596 square-foot apartment at Mount Nicholson for HK$533 million, or HK$116,000 per sq ft.

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Why car park ownership is big business in Hong Kong

Then last month she bought nine units at The South Land project at Wong Chuk Hang Station, the first residential project to be built on top of an MTR station on Hong Kong Island in three decades, for a total of HK$240 million.

Qiu is the sixth-largest shareholder of Shanghai-listed Beijing Wantai with 4.8 million shares, or a 1.1 per cent stake, according to the firm’s 2020 annual report. Her shares would be worth 1.2 billion yuan (US$190 million) at Friday’s closing price of 252.1 yuan.