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News Scan P.M.: Aug. 21, 2002
News Scan P.M.: Aug. 21, 2002
News Scan: Aug. 21, 2002
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HK Jockey Club doubles membership fee amid downturn
Reuters, 08.02.02, 12:14 AM ET
HONG KONG, Aug 2 (Reuters) - Apparently unperturbed by a
crushing economic slowdown that has swept the territory, the
elite Hong Kong Jockey Club has doubled its individual membership
fees to HK$250,000 (US$32,000).
The price is still a far cry from the HK$1.8 million it costs
to join Hong Kong's most expensive private club, the Clearwater
Bay Golf and Country Club.
The Jockey Club increased the fee from HK$120,000 in July and
says it has no worries that the higher price would turn off
potential members given its long waiting list.
"In fact, the waiting period has grown... it will take at
least two years if you join the queue now," said a club
spokeswoman on Friday.
While unemployment has soared and many are suffering from
salary cuts or freezes, the two recessions in the last five years
have left the rich in this territory relatively unscathed.
Sales of foreign-made luxury items have remained strong, a
clear sign that the super-rich continue to live it up.
Full-members are allowed to use boxes at race meets and
clubhouse facilities at the two racecourses in Happy Valley and
Shatin. After a year, they can apply to own racehorses.
Club memberships are very hot items in this capitalist city
and a deep passion for gambling among many Hong Kong people gives
the jockey club an added attraction.
"We feel the new membership fee better reflects the value of
the club and it is still competitive with other clubs," said the
spokeswoman.
It costs between HK$200,000 and HK$300,000 to get the cheaper
memberships at comparative clubs in Hong Kong.
(US$=HK$7.8)
Copyright 2002, Reuters News Service
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