There is a two-year waiting list to join the club, which has 12,500 full members and 5,000 'racing members', whose $36,000 joining fee remains unchanged.

Racing members and their guests are entitled to use the members' enclosure and exclusive boxes for all race meetings at Happy Valley and Sha Tin. They can also apply to own racehorses and have exclusive access to designated restaurants and catering facilities.

Full members have the same privileges as racing members plus use of all facilities at the Happy Valley and Sha Tin clubhouses and the Beas River Country Club.

The spokeswoman would not disclose how many people were on the waiting list and did not know if any had dropped out because of the rise in fees.

'The decision was made by our stewards because it better reflects the value and high-quality service offered to members,' she said.

Full membership fees were last increased in 1997, from $90,000 to $120,000.

One expert said the club could afford to ignore the gloomy economic climate and raise fees because of the demand from patrons. 'The club hosts many celebrities and local businessmen making money on the mainland who can afford to pay,' she said.

'Whether members like it or not or whether it's fair is not the issue. After all, this is not a club for average people, it's an elite club whose members will mostly not be hit by the downturn.'

Hong Kong University economics lecturer William Chan said the club was in no danger of losing applicants, despite the large price hike.

'I expect most will be willing to pay the higher fees and most of them would have the means,' Mr Chan said.

'I can see why the Jockey Club wants to raise their fees - revenue from betting has been declining because of the economic situation and a rise in [illegal] means of gambling so it's under financial pressure and raising membership is a relatively safe way of raising resources.'

However, one young professional who is a racing member and on the waiting list to become a full member said the increase was a 'deadly blow' to his finances.

He said the club was heartless and in breach of his good faith because he was placed on the waiting list on the understanding that he would only be required to pay $120,000.

The Hong Kong Golf Club also increased its membership charges on January 1 from $200,000 to $300,000.

Hong Kong's most expensive club is the Clear Water Bay Golf Club which charges $1.8 million for individual membership.

Graphic: JOCK02GET