Veteran car park investor offers guaranteed rental income and short term loans to boost sales amid economic headwinds

Veteran investor Choi Bak-lung holds more than 200 car parking spaces in Tseung Kwan O and is offering a range of incentives to buyers

The marketing campaign has encouraged Choi to release another 100 car parking spaces at Nan Fung Plaza in Hang Hau, according to sources

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Hong Kong investors are offering incentives to buyers of car spaces. Photo: Shutterstock

Published: 11:00am, 6 Apr 2022

Sales of car parking spaces in Hong Kong fell to a 22-month low in March according to industry data amid economic headwinds, prompting one of the city’s major investors to offer extra sweeteners to entice buyers.

Veteran investor Choi Bak-lung, who holds more than 200 car parking spaces in Tseung Kwan O, said he would provide guaranteed rental income and short-term loans to buyers in a bid to speed up sales amid poor market sentiment.

“Investors now need to think of new gimmicks to push the sale of investment properties as market sentiment turns sour,” said Fred Yu, deputy sales manager at Centaline Property Agency in Tseung Kwan O district.

Hong Kong’s finance chief Paul Chan Mo-po has warned the city’s economy will contract in the first quarter and unemployment will continue to rise amid the fifth wave of coronavirus infections. Fresh initiatives will soon be rolled out to assist businesses struggling under the outbreak, he added.

Last week, Choi offered 121 car parking spaces and 24 motorcycle parking spaces at Metropolis, in the phase three development of Metro City near Po Lam Station in Tseung Kwan O.

Buyers will receive 4 per cent guaranteed rental income during the first year, and Choi is also providing bridging loans of up to one year to cover up to 70 per cent of selling prices.