However, according to United Daily News (machine translated), the golf course’s club members are blocking the acquisition because they demand a NT$1.8-million (approximately US$56,000) buyback price for each golf certificate.

This amount is based on 80% of the average NT$2.2-million price of one golf share for a course based in Central Taiwan over the past two years. Given that the Hsing Nong Golf Course issued 1,750 certificates, that amounts to a total of NT$3.15 billion or over US$98.5 million. However, the current average price of a single golf certificate in central Taiwan has already exceeded NT$3 million (around US$94,000). Nevertheless, the Hsing Nong Golf Course expects to net between NT$15 to NT$20 billion (US$470 to US$626 million) from the sale, even after paying the members’ asking price.

I think it’s a thing in the US, and I guess Taiwan and probably other countries too, that when you join a country club, in addition to the monthly dues, you typically have to put a fairly substantial chunk of money (probably $10s of thousands+ depending on the prestige of the club), but if you leave the club you get that chunk back (or at least a large portion of it, whatever is contracted). It might not come back very quickly, but will at some point after new members join.

Granted, I’m getting this second-hand from an article that used machine translation on the original article in a foreign language, but it sounds kinda sketchy that the club owners seem to be trying to avoid paying out to the members.