2229000.
Callery back midday
4.30 a Tueday 10/
With the Compliments of
R. Alistair McAlpine's
ше
secheran
The McAipure would be most grateful
40 Bernard Street, London, WCIN ILG
cco SMUK SQ.
if you could help with this. Can Fitzalan Howard
ATT: MR. ALISTAIR MCALPINE
19-12-03
Houston
вой
FURTHER TO OUR TELEPHONE DISCUSSION, WOULD BE MOST GRATEFUL IF YOU WOULD ARRANGE FOR ME TO SEE SIR GEOFFREY HOWE ON MY FORTHCOMING VISIT TO LONDON - JANUARY 10TH TO 13TH.
HAVING NOW SPENT THREE MONTHS IN HONG KONG IN MY POSITION AS MANAGING DIRECTOR OF THE HONGKONG LAND COMPANY AND A MEMBER OF THE BOARDS OF BOTH JARDINE MATHESON AND HONG KONG ELECTRIC, I WOULD VERY MUCH APPRECIATE HAVING THE OPPORTUNITY TO EXPRESS MY VIEWS ON THE CURRENT HONG KONG SCENE.
REGARDS
DAVID DAVIES
75102 LANDS HX
RESTRICTED
12.
HKK 026/anten
RECEIVED IN REGISTRY
13 OCT 1933
DESK OFFICER
PA
on ifk busmessen vists file
son Taken
Lara
Mr Giffard
CALL BY MR DAVID DAVIES
1.
INDEX
Pho
I
You have kindly agreed, in the absence of the Secretary of State and Mr Luce, to see Mr Davies at 3.00 pm today. attach points to make.
2.
Mr Davies, who is 43, is Vice Chairman and Financial Director of the MEPC Property Company. He was educated at Oxford and Harvard and has previously worked with Hill Samuel and the Chase Manhattan Bank. His appointment to replace Mr Trevor Bedford as Managing Director of the Hong Kong Land Company was announced on 9 August.
3.
Hong Kong Land is the largest property company in the world. It employs some 12,000 staff in 15 countries and territories. Among the subsidiaries are Mandarin International Hotels and the Dairy Farm Group of Companies. It also has an unusual interlocking arrangements with Jardine Matheson and Co Ltd whereby each of the two companies owns about 40% of each other. This was introduced in 1982 to guard against take over bids by Hong Kong Chinese interests. The Chairman of Jardines (currently Mr David Newbigging) is ex officio the Chairman of Hong Kong Land.
4.
Mr Bedford became Managing Director of Hong Kong Land in 1977, three years after leaving the Hong Kong Government to joint the Company. During a period of a major property boom in Hong Kong, he transformed the traditionally conservative firm into an aggressive property developer and trader. Considerable redevelopment has taken place on the company's extensive property in the Central District of Hong Kong, where the Connaught Centre has been followed by the new Alexandra House and the Landmark complex, with the new Hong Kong Club and Exchange Square buildings still under construction. The Company broke a series of real estate records in Hong Kong with its acquisitions and resale of Gammon House (now the Bank of America Tours) and the Miramar Hotel in Kowloon.
5.
In 1981, Hong Kong Land's group profits after tax were HK$1,429 million, a considerable increase over the HK$610 million in 1980. Subsequently, however, the company has been badly hit by the collapse of the property market in Hong Kong. 1982 profits fell to HK$1,308 million. Various ambitious development projects, notably the Miramar redevelopment and the luxury Red Hill residential complex on the south side of Hong Kong Island, have been deferred or terminated. In the face of increasing interest charges, the company has arranged rescheduling of its HK$4 billion debts, and earlier this year sold its 35% stake in the Hong Kong Telephone company to Cable and Wireless. Cash flow projections
/carried
RESTRICTED