Brokers seek $7.5m for their club house

The Hong Kong Stockbrokers Association is to sell its 2,600 square foot club house in Wan Chai to the highest bidder.

Association chairman Cheung Tin-sang said the base price had been set at $7.5 million, equivalent to $2,750 per square foot, but it is expected several bidders will take the price higher.

The property was bought by the association when it was founded in 1979 for $3.3 million.

'When we bought the property, we issued fixed-interest bonds to members at an annual interest rate of 5 per cent,' he said. 'About $2 million worth of the bonds are held by members.

'After the sale of the property, we [the association] can redeem the bonds, meaning we won't have to pay interest to the bond holders.

'We will also pay back the mortgage on the association's office in Sheung Wan.