Car Parking In Downtown Shenzhen
Car Parking in the center of Shenzhen is getting ridiculously expensive… more expensive per square foot than office space:
- Annual parking place at Diwang: 10,860 RMB (up 40% from 2005)
- Average office space in Diwang = 120-130RMB/ sq m, about 20 RMB less than the monthly rent for a sq m of parking space
- CITIC plaza - 650 RMB / month, up 62%
- MIXc and China Resources Building = 12,000 RMB / yr
Part of the reason for the high fees is the “commercial land use fees” payable to the SZ Govt per sq m - about 3000 RMB per year per spot, which is exacerbated by not having all the parking spaces rented out. The reason for these new fees (starting Sep 06) was a deliberate drive to top people driving into the city center. Hm, dream on.
from the SZ Daily in May 07:
Fears raised over parking lot speculation
WHILE many local car owners say they will buy a parking space if they can afford it, would-be-owners worry there will be no more spaces left if authorities legalize parking lot sales.
The city’s land resources and housing management bureau announced Tuesday that parking spaces in housing estates might be allowed to be sold, rent and mortgaged after being registered with the authorities and awarded a property ownership certificate.
As most housing estates do not build enough parking spaces to go with each apartment, many worry developers will speculate and sell them at sky-high prices.
Parking spaces can be sold to those living elsewhere and areas also need to be reserved for temporary parking, according to a draft regulation under consideration.
International common practice is to build parking lots in proportion to the number of vehicles. While a reasonable proportion is a parking space for every 1.2 cars, the proportion in Shenzhen is 1:3.3.
A Futian resident who only gave his surname as Wang keeps an office in Diwang Mansion. He had been looking forward to the new regulation for a long time. “The monthly parking fee in the car park underground Diwang rose from 780 yuan (US$101.29) to 1,050 yuan since the new charging criteria came into effect last September. For 10 years of the parking fee, you can buy a space, which may appreciate with time,” he said.
Another resident said he would buy more than one parking space in the housing estate where he lives if possible. “It’s new stuff. While housing prices and the stocks have risen quite a lot, parking lots could be a good thing to invest in. Whether it’s rent or bought, the returns will be good,” he said.
More than 1 million vehicles have so far been registered in Shenzhen, and the number will soon reach 2 million, given the fact that some 200 new cars are being sold daily.
