That’s the remarkable stat passed on by Jefferies Strategist Sean Darby, whose latest report is title exactly that: For The Price of One Hong Kong Car Park You Can Buy 5 US Homes.
It’s a little unclear how this is derived, but suffice to say that parking in Hong Kong is expensive, and US housing (in many areas) is now dirt cheap).
Indeed, if you thought that the US had a housing bubble, then you really haven’t seen anything.
Check this out.
Another chart in Darby’s report shows how all of the most expensive housing markets are in the world are all in China or Hong Kong.