Monday, January 4, 2010

Hong Kong CEO's million-dollar hunt


Here is an interesting piece by Tanya Westthorp writing for the Gold Coast.Com website.


CASUALLY dressed and unassumingly inspecting horses, world-renowned racing identities with millions burning holes in their pockets blended in with the crowd at the Magic Millions sales yard yesterday.

The Bundall complex was crawling with a who's who of horseracing as cashed-up international buyers from Hong Kong, Japan, South Africa, Ireland and England inspected their top picks of the 1236 yearlings on offer.

Even Lord William Huntingdon, who has trained horses for the Queen, was walking around the complex yesterday.

They look like any other everyday horsy-type person, but when Magic Millions boss Gerry Harvey makes a fuss of them, it is clear they are someone important.

Hong Kong Jockey Club CEO Winfried Engelbrecht-Bresges came straight from the airport to the stables yesterday and into Mr Harvey's open arms.

As one of the big spending buyers, the man who gets paid $1 million a year to oversee a $100 billion Hong Kong racing empire, is expected to stock up on up to 15 horses at this year's sales.

"Sixty per cent of the horses raced in Hong Kong come from Australia, so this is an important sale," said Mr Engelbrecht-Bresges.

Mark Player, the Hong Kong Jockey Club's head of international races, sales and development, said they spent $2.5 million at last year's sales, buying potential champions to then on-sell to their club members.

He said the strong Australian dollar had forced them to rethink their buying strategy but they still expected to take up to 15 yearlings back to Hong Kong.

All of those purchases would be colts with Mr Player saying mares and fillies were not popular because of Hong Kong's non-existent breeding industry and the fact colts and geldings adapted to the humid climate better and suited the sprint-style racing popular there.

"The Australian industry keeps turning out really high-class horses. It is now as international as anywhere in the world," he said.

Malaysian Golden Knight stable owner Richard Beh is also expected to splash his cash when sales kick off tomorrow.

He was inspecting horses with his Perth-based right-hand man Jo Byrne yesterday and is likely to spend about $1 million adding 13 to 16 horses to his stable.

Whether a surprise buyer will emerge Nathan Tinkler-style at this year's sales is anyone's guess.

"Well if they are, they are not showing themselves yet," said Mr Harvey.

Magic Millions managing director David Chester said 17 Hong Kong owners would arrive at the sales yard today on a state government organized tour. Who knows if one of them will emerge as the surprise cash splash of the sales.

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