As much as HK$100m in monthly income awaits when Hongkong Land returns full ownership of the building in 2009
The prime Hong Kong Club building in Central will be back in the club's hands when current owner Hongkong Land leaves in about three years due to an historical agreement - giving the club HK$100 million a year in rental income.
Hong Kong Club has fewer than 1,500 members - mostly senior government officials and top executives.
The unusual arrangement is considered a part of colonial history. Although no public records are available to confirm how the site was obtained, current members said it was believed that when the club was formed as a private dining and social club for government officials and British commercial seniors more than 100 years ago, the government granted the land.
The location - a Renaissance-style building with an adjoining cricket pitch at 3A Chater Road - was said to be a convenient meeting place for senior government and commercial executives during or after work.
In the 1980s the club sought to redevelop the building but limited membership meant funds were scarce.