Golf Memberships: An Investment Tool
By mustang6560 on 12/22/11
Remember two months ago when I told you that the transportation minister in Vietnam forbid his employees from playing golf (Vietnam Bans Golf)? Well, it appears the government's growing resentment toward golf coupled with a struggling economy has led some to invest their money in golf memberships (H/T bkuehn1952).
"Buying a membership is better than putting cash in the bank, better than putting it in the stock market, and better than putting it into gold," said Do Dinh Thuy, a 48-year-old management consultant, amid the steady thwack of balls being driven out onto a local range here in Hanoi's suburbs. He recently bought a third membership, "and that one's not for playing—it's for investment."I have a hard time believing golf memberships will be a good investment long term. Right now, investing in an extra golf membership or two might be a good play, but what happens when the government decides golf is acceptable again and there is a golf boom in Vietnam? As with any investment, those who get in early will probably make a pretty penny and those who jump in late will probably take a financial hit.
My take away from this story is the fact that the average salary in Vietnam is a mere $1,200 per year. That's crazy low! I'm not sure what the cost of living is there but I'm willing to bet it's more than that.
photo by Hmoong
[ comments ]
along the Ho Chi Minh trail they are putting up resorts with golf courses and it has become a budding hot spot for golf here in Asia. club memberships in Singapore are really expensive and hard to come by.
golf seriously is booming in Asia and i'm seeing it first hand. it's just very elitist and expensive though and it's not available to the masses yet. there is only one (1) public course in Singapore.
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