APPENDIX 2 - British Investment in Hong Kong
There are a number of different ways of calculating British investment in Hong Kong. Official UK statistics show a net stock of direct investment of over 2 billion pounds. While no doubt arithmetically correct, this approach tells only a smail part of the story. Perhaps a better measure of the overall significance of British investment in Hong Kong is to look at the capital that is actually controlled by British business. The market capitalisations of British managed and controlled companies listed in Hong Kong are set out in the following table. This again does not show the full picture (and can be adjusted to eliminate cross holdings etc.) but the quantum is such as to indicate that British-controlled investment in Hong Kong should be regarded as an important national resource.
BRITISH MANAGED AND CONTROLLED COMPANIES LISTED IN HONG KONG
Company name
Market capitalisation
August 1992 pounds sterling (millions)*
Cathay Pacific
China Light & Power
Dairy Farm
HAECO
Hong Kong Telecom
Hongkong Land
2,399
3,614
1,281
274
6,606
Hongkong & Shanghai Hotels
400
2.597
HSBC Holdings
9,100
Jardine International Motor Holdings
281
Jardine Matheson
2,696
Jardine Strategic
1,640
Mandarin Oriental Hotels
279
Swire Pacific
3.648
Total
*Source: Jardine Fleming, Regional earnings guide, August 1992
34,815
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