SHANGHAI has for the first time been ranked in the global top 50 most expensive monthly parking rates, an industry survey showed yesterday.

By June, the monthly parking cost in Shanghai stood at US$278.73, taking 38th position worldwide, international property services provider Colliers International said in its latest Global Parking Rate Survey 2010, which covers 147 central business districts around the world.

Hong Kong and Tokyo are the two Asian locations included in the top five of the world's monthly parking rates in 2010.