Driving investment

Increasingly, the roads of Hong Kong and big mainland cities are becoming clogged with exotic super cars such that the sight of the latest Ferrari or Porsche barely raises an eyebrow. The packed crowds around the Hong Kong Classic Car Club's October show in Central, however, suggest a growing interest in the cars of yesteryear. One of the stars of the show was a Chinese Red Flag limousine of the type used to carry dignitaries around when any car was a rarity in China, and long before the mainland became the world's biggest car market.

The owners might be enthusiasts who pour tender loving care over their prized motors, but in many cases, the cars have proved a shrewd investment with prices having skyrocketed as more baby boomers reach a stage in life when they can indulge in something redolent of their youth.

Hong Kong Classic Car Club chairman Ian Foster has seen club membership climb to 600, and more cars are being imported. "There are no real 'import restrictions' in Hong Kong, apart from not being able to register a left-hand-drive car. If the imported car is more than 20 years old, it is exempt from Environmental Protection Department tests, so with just an MOT [roadworthiness inspection] and an agreement on import duty and you can quickly be on the road," he says.

Over the border, it's a different story, with the import of pre-owned cars not permitted, but that has not stopped a high level of interest being shown there.

"There is a huge market and interest in China," says Foster. "When we take our cars to the mainland on our Club's China Drives, we get swarmed by admiring spectators.

"They have few Chinese-made classic cars from the 50's to the 80's except for the Red Flag and a few lesser models, and the BMW replica motorcycles, all of which have a strong following.

"When the door opens, there will be a lot of opportunities for selling left-hand drive cars."