Surprises abound in HK's favourite playground

It's not that difficult to sell sunshine, beautiful beaches, plush accommodation, good food, smiling faces or great golf. Location doesn't hurt either. All of these elements combine to make Thailand perhaps the most intoxicating and inviting destination for Hong Kong residents. Local money has become so prevalent in Phuket that it may well be the main catalyst in driving the property market higher and higher.

The kingdom has also become a particularly receptive sporting playground. So when news of a bloodless military coup that ousted billionaire Prime Minister Thaksin Shinawatra broke, the first reaction from many was, 'Let's get it together, huh?'

There was genuine concern about tee times in Pattaya this weekend and access to the villa in Phuket. Bigger issues, like installing a functional government and recriminations from Thaksin loyalists, as well as the unnerving sight of tanks in the streets and armed militia lurking about, were domestic concerns that would eventually be sorted out.

It was, according to sources in Bangkok, business as usual. Well, yes, to some degree. In a country where there have been nine military coups from 1971 to 1991, this would seem to be business as usual.

But the past 15 years have seen not only the implementation of democratic reforms and a new constitution, but zero coups as well. Over that time, the Thai economy exploded thanks to a massive, and largely misguided, influx of foreign capital, which helped spawn a burgeoning middle class who saw things like golf and sailing as an affirmation of their affluence.

Top-end golf courses started sprouting up all over the country and hackers from Hong Kong were more than grateful to get a round in at a reasonable price. Of course, the economic boom turned out to be nothing more than a house of cards. Very few market fundamentals were adhered to and in 1997 the economy imploded into a million little pieces.

But all those golf courses were still in place, which meant cash-flush Hongkongers were even more welcome now because there were very few domestically who could afford to play any more.