Hong Kong club for Americans angers non-US members with shock HK$1.5 million ultimatum
- The American Club wants to buy back debentures at fraction of market value with option to top up membership by up to HK$1.5 million or leave city institution
An exclusive Hong Kong club founded for Americans has angered non-US members after it said it wanted to redeem millions of dollars worth of membership fees at a fraction of the market value with the option to top up by as much as HK$1.5 million (US$192,139) or leave.
A non-US member of the almost 100-year-old American Club, who asked not to be named, said the sudden policy change was unfair, discriminatory and a breach of trust.
“We were shocked – I’ve never seen anything like this in the rest of the world,” the member told the Post.
“It’s about social justice. You can’t buy something and then [have the things] taken away … so you’ve paid millions of dollars to use the club and then suddenly you need to pay millions more to use it.
“We are on Hong Kong soil. Why are Hong Kong people being treated differently by the club? They likewise contributed, paid and put good money in … life is about trust.”
The member was speaking after club president Christopher Burgess said in a letter to members dated May 31, a copy of which has been seen by the Post, that the club was now wealthy enough to redeem their debentures at face value, estimated to be worth several tens of thousands of dollars.