Chinese woman snaps up nearly 200 parking spaces to flip to neighbours for profit

A woman in central China invested 14 million yuan (US$2 million) to acquire 196 parking spaces in a residential community, later selling them at a significant mark-up, which led to furious residents suing her.

The lawsuit centred around a residential block, the name of which was not disclosed, located in Changsha, Hunan province.

The property project was completed and put on the market in 2018. At the time, many were sceptical about the community’s prospects due to a lack of essential public facilities such as shops, schools, and public transport options. Consequently, there was little interest in both the flats and the parking spaces, according to Hunan TV.

Despite this pessimism, a woman surnamed Wu snapped up 196 parking spots in a single transaction, representing 40 per cent of the project’s total parking inventory, for a sum of 14 million yuan. The developer, facing severe cash constraints, agreed to her purchase.