Last year, the Hong Kong Golf Club paid 2.5 million Hong Kong dollars (about $320,000) to the government in rent, a mere 3 percent of actual market rental value. Even so, the club had a deficit of the equivalent of $1.27 million in 2016, according to its annual report, suggesting that substantial increases in rent would pose a financial challenge.

As the largest of Hong Kong’s private clubs, the Hong Kong Golf Club represents the upper-class elite of the city. A corporate membership can be bought for some $2 million. Individual memberships have a one-off entrance fee of around $64,000, and monthly dues of several hundred dollars, but require personal connections and patience for a waiting list that is years long.

For most of its history, the club had the word “Royal” in its name, and members were predominantly British expatriates. Today, most of the 2,660 members are Hong Kong Chinese, many of whom got rich in real estate or finance after the economy took off in the 1970s. More recently, wealthy Chinese mainlanders have joined in growing numbers.

The club opens its gates to nonmembers on most weekdays, though the fee of about $140 per 18-hole round puts it out of reach for many in Hong Kong, where the median monthly income is around $2,150. In recent years, the club has invested in community outreach, like teaching golf to underprivileged students and training talented young golfers.