The Hong Kong Golf Club, which owns the 170-hectare Fanling golf course, has been in the dust since its last membership was issued in 1986.
However, "Hong Kong 01" found that the club re-issued new memberships in 2019, but never publicly explained it. So far, 36 new memberships have been issued, each priced at about 16.8 million yuan.
Fanling Golf Course has been leased under the lease of private playground, with a nominal rent of 1,000 yuan for many years. After a review by the authorities in 2019, it was decided to charge one-third of the market value of the land after 2027.
The Home Affairs Bureau said last year it approved the club to issue 50 new memberships to renovate facilities and pay ground rent in the future.
The listing announcement of Sau San Tang revealed that the club has been suspended for more than 30 years before releasing it
Hong Kong Golf Club membership can be simply divided into "individual membership" and "company membership", of which only "company membership" can be transferred.
Since the club stopped issuing new memberships for more than 30 years in 1986, the demand for memberships was so thirsty that the market value of its "corporate memberships" once appreciated to about 17 million yuan.
The listed company Sau San Tang (8200) issued an announcement on April 11, disclosing that it purchased membership directly from the Hong Kong Golf Club for 15 million yuan, and revealed that the original dusty membership was reopened for sale.
The Hong Kong Golf Club has 401 corporate memberships, each priced at 16.8 million yuan.
(Hong Kong Golf Club website)
36 sold at the current price of 16.8 million yuan
"Hong Kong 01" checked the club's annual report and website, and found that the club has re-released new memberships since 2019, from 365 in 1986 to 401 now, each priced at more than 13 million yuan Take off, with a recently announced price of $16.8 million.
According to the rules of the club, each company membership can only nominate one director or staff member, and can bring a limited number of relatives, friends and business partners to use the clubhouse facilities, and if you want to transfer the company membership in the future, you must invite the transfer price 25% as a handling fee.
Some information has pointed out that the threshold for company membership is very high, and it must be a listed company with an annual turnover of more than 600 million yuan. Before the transaction, it is necessary to review the company's background, business scale, and whether the company's business projects are in line with the club's value and membership. expect.
"Hong Kong 01" found that the club has sold 30 memberships in the past 16 months, earning about 500 million yuan more.
(File photo/Photo by Lu Yiming)
1,000 yuan leased for many years, after 2027, 1/3 of the market price will be paid about hundreds of millions of yuan
The 170-hectare Fanling Golf Course has been leased to the Hong Kong Golf Club under a private playground lease.
The club has been granted a 21-year lease from 1999 to August 31, 2020, and only needs to pay 1,000 yuan in rent.
Because the rent is too low and the threshold for opening to the public is too high, such private playgrounds have been criticized as "noble clubs". Some groups have suggested that the authorities take back golf courses and build buildings to ease the housing supply.
The government reviewed the leases for private playgrounds in 2019. After a brief extension of the leases for many venues, they will charge one-third of the market price as the land price after 2026 to 2027. It is estimated that hundreds of millions of yuan will be paid for the ground rent of the Fanling Golf Course.
The authorities have also decided to recover 32 hectares of land east of the Fanling Golf Course in 2023 to build public housing.
Government approves new offering of 50 memberships under new lease terms
In 2020, the club signed a new lease with the government, renting 32 hectares of land for 1 yuan until 2023, and the remaining 140 hectares for 1,000 yuan until 2027.
The new lease also incorporates new clauses that require Home Affairs Bureau approval to issue any transferable membership.
The Home Affairs Bureau stated that in February 2021, the club will be approved to issue 50 new company memberships to raise funds to improve and renovate the sports and direct supporting facilities on the two contracted sites, and to pay the ground rent after 2027.
The bureau pointed out that it is difficult for the bureau to set a limit on the number of members, considering various factors, such as the lessee's financial reserves, the expected expenditure on improvement of facilities and renovation works, and the lessee's expected income through the issuance of new memberships.
As of the end of 2020, the net current assets of the Hong Kong Golf Club reached 412 million yuan.
Fanling Golf Course has been dismissed as an aristocratic club, and various groups have called for the government to take back the building for many years.
The picture shows that in March 2018, some groups entered the stadium to demonstrate.
(File photo/Photo by Huang Weimin)
Tang Jiahua has obtained individual membership for more than 20 years: it is reasonable to add new members
Tang Jiahua, a member of the Executive Council, has been an individual member of the golf club for more than 20 years and finally became a member a few years ago. He is not aware of the re-issuance of new memberships, but believes that adding 50 corporate memberships is "not a large number". I believe The club will have enough carrying capacity to accept new members, "a reasonable and balanced decision."
He also believes that increasing membership will not run counter to the government's policy of requiring private sports clubs to cooperate in promoting the popularization of sports, because clubs are still open to the public during many hours.
However, he revealed that it is very difficult for members to make an appointment to play at present, and it will be more difficult to make an appointment after increasing the number of members.
Tang Jiahua, a member of the Executive Council, is an individual member of the golf club.
(File photo / Photo by Ojiale)
The local research society denounces preferential land prices in disguise as public funds to subsidize members
Huang Zhaohong, a member of the local research society, said that the club's increase in the number of members to pay the land price in a few years reflects that the government's collection of one-third of the market value of land is not enough to solve the problem of the lease policy of private amusement parks. To maintain a favorable price to borrow venues compared to private clubs, that is, to still use public funds to subsidize private members.”
He believes that the new policy has no ink on the public use in open places, and has little effect on the popularization of sports development. "It is disproportionate to use public funds to subsidize two-thirds of the land price in exchange for a small amount of public use time." Release water" to private clubs.
Huang Zhaohong, a member of the local research society, believes that the policy of private playground leases is outdated.
(File photo/Photo by Gao Zhongming)
Only 25% of public usage
With the increase in the number of club members, the rate of members using the golf course has also increased.
According to the 2020 Annual Report of the Hong Kong Golf Club, the total number of rounds played at the Fanling Golf Course in Sheung Shui was 130,565, of which 61.5% were used by members, or more than 80,000 rounds, breaking the 60% mark for the first time in five years; "Members" accounted for 42%, or about 50,000 games, of which "members with visitors" and "related persons of golf clubs" accounted for 16,000 games, and the remaining about 30,000 games belonged to "public visitors", accounting for only 25.6% of the total usage. %.
A reporter from "Hong Kong 01" conducted an actual measurement in 2018 that the general public must hire a caddie to play a game at the Fanling Golf Course, with at least two of them traveling together, and the entry threshold is nearly 6,000 yuan.
▼Review the report of 01 measured public identity to play ball at Fanling Golf Course▼
"Hong Kong 01" reported in 2018 that it was actually measured to play golf at the Fanling Golf Course as a public.
【Fanling Golf Course】Noble Paradise?
6,000 yuan to play a game at Fanling Golf Course by reporters [Land Debate] Fanling Golf Course costs 800 yuan to play a game for the public? "A Lak" is misleading
▼Review 01 Detective Noble Club Series Report▼
[Noble Club] Private Sports Quarterly Report First Exposure Interactive Map Investigation Report
【Exclusive】Over 2 land-free private sports facilities in Tsuen Wan are idle for 53% of the time 【Noble Club・Interview Notes】Thousands of reports reveal absurd policies, consult the truth【Noble Club】Government advocates opening more hours to benefit the public ?
It was revealed that the actual usage of the group was only 28% [Noble Club] The Civil Affairs Bureau’s supervision sloppy condoned Fanling Golf Course’s under-reporting of swimming pool usage for 5 years [Noble Club] Jordan’s 11 clubs gathered in an area of 900,000 square feet and the utilization rate was only 31% [Noble Club] Three The members of the two guilds have private playground memberships [Noble Club] The two civil servants' clubs enjoy double benefits in the clubhouse. The Cultural and Recreational Association has refused to report publicly [Noble Club] The two yacht clubs rented 80,000 square feet of official land facilities in Tienbo Chau without permission from the Civil Affairs Bureau Regulating [Noble Club] Is the owner's club a sports club with an unmanned catering income of more than 100 million yuan?
[01 Exclusive] 27 interactive maps of private sports clubs in Hong Kong for more than half of the time
