Golf Carts More Expensive than Teslas in Hong Kong

By Bailey Hu, April 20, 2018

What has four wheels, costs more than a Tesla and, in one area of Hong Kong, is a blatant status symbol?

The answer would surprise anyone but the residents of Discovery Bay, an upscale development on Lantau Island. There, golf carts are selling for HKD2 million and over, according to a Bloomberg report.

And no, they aren't powered by solar energy, jetpacks or the tears of baby pandas. The vehicles just happen to be the only personal, engine-powered transportation allowed inside resort-like Discovery Bay (bikes are also okay). What's more, only 500 golf cart licenses are available for a population of roughly 20,000, placing an even higher premium on the humble buggy.

Thus, local bankers, lawyers and other well-heeled residents are shelling out major cash for golf carts to ferry themselves around an admittedly huge complex of residential and recreational buildings.

Of course, others see the vehicles as a savvy investment in property-scarce Hong Kong, where even a small apartment in Central or Western District is estimated to cost at least HKD5 million.

That's not to mention the homes in Discovery Bay, which one real estate company research head put at HKD8-80 million.

In comparison, a golf cart (and its license) are small change, and can also be rented out while owners wait for the price to rise.

One foreign resident told Bloomberg that she and her husband bought a cart for HKD600,000 over 10 years ago. Since then, the price has almost tripled, plus they're able to transport their kids at a little faster than running speed.

It's been a good investment, she confided, even if the vehicle handles like a lawn mower.

Golf carts aren't a guaranteed safety net, however: they face competition from shuttles that run inside Discovery Bay, for one. And of course, for those who aren't afraid to go the extra mile, there are always bikes.

[Images via Garrett Hartley, Si]