Mainland Chinese investors pushing up membership prices at Hong Kong's elite clubs
The increase in mainland investors looking for a solid return on their money by buying and selling second-hand memberships has resulted in many prices more than doubling in as few as six years.
Hong Kong's private clubs, once the domain of rich local businessmen seeking a place to relax, entertain and - perhaps - flaunt their wealth and status, are attracting a new type of member.
The increase in the number of mainland investors looking for a solid return on their money by buying and selling second-hand memberships has resulted in many prices more than doubling in as few as six years.
A second-hand individual membership at the Aberdeen Marina Club has jumped from HK$1.2 million in 2008 to about HK$2.7 million today.
At the Clearwater Bay Golf and Country Club, the price of a second-hand corporate membership was HK$2.8 million in 2008. Today it is HK$5.8 million.
"You can't make big money in the short term. But it is a good investment in the medium and long term," said Tony Chan, sales director of Everfine Membership Services, a broker of golf and country club memberships.
With most of the city's private clubs full, the only way for newcomers to gain entry is to purchase a membership from a departing member. This scarcity keeps the demand - and the prices - high.