Lot in downtown Hong Kong sells for $3 billion

One of the few spots in Hong Kong that doesn’t house an office building just sold for $3 billion.

The little-used parking garage will likely be replaced by an ultramodern office building, rented as regional headquarters for some international firm. The $6,400-square-foot price sets a record even in Hong Kong, one of the world’s most expensive real estate markets.

The garage was bought by Henderson Land Development. The company was founded by Hong Kong’s second-richest man, Lee Shake.

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