Joining a club in Hong Kong isn't so much an exercise in social networking as a crash course in financial and investment planning. A quick glance at the fluctuating cost of entry to some of the city's most prestigious clubs tells you why.
Two years ago, in the middle of the global economic downturn, a second-hand individual membership at the Aberdeen Marina Club was worth about HK$1.2 million. Today, it would set you back somewhere closer to HK$2.15 million.
At the Clearwater Bay Golf & Country Club, the price of admission has jumped to HK$4.5 million from HK$2.8 million two years ago. In fact, the going rate for a membership at Clearwater Bay on the secondary market has topped even pre-financial crisis highs, according to Athena Wong, director of Everfine Membership Services, which acts as a middleman between club members and potential buyers.
One long-time member of Clearwater Bay Golf & Country Club said that five years ago it cost about HK$200,000 for a basic membership, which did not confer access to the golf and marina facilities. The price had now doubled to between HK$400,000 and HK$500,000.
The club also offers marina and golf memberships, with the latter being the most expensive as there is a long waiting list for access to the 18-hole golf course.
The club mainly appeals to locals and expatriates living in the nearby Sai Kung community, including mainlanders who have bought homes there and have business dealings in Hong Kong.
'You do hear putonghua spoken more and more at the club,' the member, who did not want to be identified, said.
