Hong Kong tycoons, Hony Capital seek loan to build golf course
[HONG KONG] A consortium comprising private equity firm Hony Capital and Hong Kong property tycoons is seeking to raise a loan of about HK$2.3 billion (S$381 million) to back the ongoing construction of a golf course in the city, according to sources familiar with the matter.
Proceeds of the five-year loan will be used to transform a restored landfill into an 18-hole, par-71 championship course in Tai Po district, located in Hong Kong's New Territories, the sources said, asking not to be identified as discussing private matters. The funds will also be for refinancing purposes, they added.
Hony Capital is teaming up with Hong Kong's Lai Sun Development and the billionaire family controlling Far East Consortium International on the project, the sources said.
The golf course, known as the Plover Cove Golf Club, will be the city's first such development on privately owned reclaimed land and is targeted to open in 2027. Construction began in August 2023, according to its website.
A Plover Cove Golf Club spokesperson said the golf course would create up to 350 jobs and is on track for its planned 2027 opening. Hony, Lai Sun and Far East Consortium did not respond to requests seeking comment.
The loan comes amid an ongoing legal battle with another Hong Kong golf course, which has sparked public debate over the use of government-owned land for golf facilities.
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The city's government is seeking to overturn a court ruling against its plans to build a large-scale public housing development on part of a golf club in Fan Ling, which is popular among local elites, according to its website.
However, this differs from the current Tai Po development, which involves privately owned land.
China-based Hony Capital holds a 45 per cent stake in the Tai Po development, while the family of local Hong Kong tycoon David Chiu, chairman of Hong Kong-listed Far East, has a 40 per cent interest, the sources said.
Meanwhile, billionaire Peter Lam-controlled Lai Sun Development holds the rest, they added. BLOOMBERG
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