Henry Keswick, chairman of Jardine Matheson, was once asked what the secret of his family conglomerate’s success was. “We never sell,” he replied.
Jardines was one of colonial Hong Kong’s most powerful commercial forces and still owns the most prime office and hotel properties in the business district. But cornering the rents in Central was not enough to prevent the rise of the four Chinese families that have come to dominate the city’s property market.
The view from the Financial Times’ Hong Kong office captures the power dynamic. From the 59th floor of The Center at 99 Queen’s Road Central, developed by Li Ka-shing’s property group, you can look east towards his other flagship office tower, the Cheung Kong Centre.
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