This is a good question that the OP asks.
I have a debenture for one of the other Marina's (not DB). It used to give me the right to a wet berth - now it does not. It used to be transferrable - now it is not. It's UTTERLY unclear what it does.
When they gave rights to a berth and were transferrable, these debentures were trading at around 4 million HKD. The par value is about 200,000 hkd. When the club - with a strike of their pen - removed those two clauses, the values fell like a stone.
One marina member got legal advice that they "should" win if they sued. But the process was likely to take years and the legal costs be higher than the value of their lost debenture. And "should" was not "would". In the end they gave up.
My short answer? They are a complete scam.
Its rigged - sort of like the DMC of our building.
They've hard-wired the same of our building management company in the DMC. This can apparently be changed with a majority vote, BUT the property developer holds most of the shares directly and indirectly (through BVIs etc).
I suspect the debenture terms need some sort of vote to be changed, but the developer has a bank of them which they can use when needed.
Last edited by shri; 11-09-2018 at 02:42 PM.