Sky-rocketing parking lot prices

Source:Global Times Published: 2017/5/6 0:13:39

Illustrations: Peter C. Espina/GT

Although sky-high real estate prices are not uncommon these days, it is still shocking that a 39-square-meter parking space could cost 1 million yuan ($145,000). Recently, in a residential area in Xiang'an district, Xiamen, a beautiful coastal city in Fujian Province, parking spaces were sold at such an astonishingly high price. As relevant authorities are putting a cap on housing prices, the real estate companies are trying to make more profits by increasing the prices of parking lots, which do not have a limit set for them. Local bureau of housing administration should request the real estate company to make the prices more reasonable. Companies could set their own prices for parking spaces, but that does not mean they can ask for an amount that is much higher than the market value.

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