Hong Kong  - Membership prices for elite clubs, symbols of prestige and wealth in Hong Kong, have crashed because of the widening global economic slump, a news report said Monday.

Dealers in second-hand memberships for clubs such as the Hong Kong Golf Club and Hong Kong Cricket Club say prices are down by as much as 30 per cent to 45 per cent, according to the South China Morning Post.

Buying a second-hand membership enables people to bypass long waiting lists, some extending for several years. On top of the hefty one-time membership fee, all members pay monthly or annual dues.

Hong Kong, one of the world's wealthiest cities, has dozens of upscale members-only clubs with the number of members ranging from hundreds to thousands.

A corporate membership at the American Club is down from 300,000 dollars in 2008 to 170,000 dollars, while a second-hand corporate membership at the Hong Kong Golf Club has tumbled from 1.35 million dollars to 840,000 dollars.

A corporate membership at the Aberdeen Marina Club is down 43 per cent to 167,000 dollars as people in the wealthy city of 6.9 million tighten their belts.

"Membership prices, like house prices, follow the trend of the Hang Seng Index," Ada Poon of Sandia Membership Service was quoted as saying.

Second-hand club membership prices soared to their highest levels in 2003, but have fallen sharply since the middle of last year, the report said.

Share prices in Hong Kong have fallen by 50 per cent in the past year. The annual Forbes magazine rich list last week found that the number of billionaires in the city had dropped by more than 50 per cent since 2007. (dpa)