From the issuance of a general tender offer by Heung Kong Holdings to all shareholders of Hongkong Land to the completion of Hongkong Land's privatization and delisting from the Hong Kong stock market, the whole process lasted only half a month. When everyone was still a little stunned and didn't seem to have fully come to their senses, the biggest merger and acquisition case in the history of Hong Kong's capital market had come to an end.

The day Hongkong Land announced its delisting from the Hong Kong stock market coincided with the announcement that Oriental Group would officially open its new headquarters building, Oriental Tower in Central on Hong Kong Island.

Therefore, in the front page of the next day, "Ming Pao" used such a headline -- "The Change of Dynasty"! The history of the rise and fall of the Jardine Matheson Group can be said to run through the history of Hong Kong in the first 150 years. The Opium War was waged not so much by the British government as by Jardine Matheson!

Before the war between China and Britain began, Jardine's, the founder of Jardine Matheson, personally returned to London and lobbied the British government and parliament to pass a war resolution. After the war broke out smoothly according to their wishes, Jardine Matheson not only helped the British fleet formulate the entire battle plan and war strategy, but also actively provided the necessary logistical supplies and even military expenses for the British army on the expedition.

Even the proposal to occupy Hong Kong Island from the Qing government was strongly advocated by Jardinen to the British government. As early as 1842, a year before the signing of the Treaty of Nanking between China and Britain, Jardine Matheson had already built the first British building on Hong Kong Island.

Jardine Matheson can be said to be the most representative microcosm of the British colonial history in Hong Kong. And with the approach of the 97th limit, British capital has already begun to retreat in a planned way. But no one expected that Jardine Matheson Group would announce itself and Hong Kong, the place where it started, in such a way without resistance and almost crushed.

Of course, Jardine Matheson still has two listed companies in Hong Kong. The combined market capitalization of Jardine Matheson Holdings and Jardine Securities can still have 8 to 9 billion Hong Kong dollars. However, almost all of the core and high-quality assets of the Jardine Matheson family in Hong Kong are in Hongkong Land.

After the loss of Hongkong Land, Jardine Matheson has been reduced to a mediocre company in Hong Kong. And now the Keswick family, even the control of Jardine Matheson Holdings is beginning to falter. If Heung Kong Holdings is willing to spend more than a billion Hong Kong dollars, it can also include Jardine Holdings.

Action on the acquisition of Hongkong Land. The media likes to make all kinds of high-profile interpretations, believing that this is a milestone in Hong Kong's history. But for several shareholders of Heung Kong Holdings, the reason why they mobilized tens of billions of dollars is for business, not for the sake of will.

Among the five shareholders, except for Li Xuan, the net worth of the remaining four is inseparable from the real estate industry. Therefore, everyone is only interested in Hongkong Land, and there is not much interest in Jardine Holdings, which can be won by spending only more than a billion yuan. Otherwise, this 150-year-old company is likely to be completely wiped out in the clouds.

Once the privatization of Hongkong Land was completed, the next step was to distribute the spoils. Hongkong Land is a large-scale conglomerate that includes huge businesses such as real estate, retail, food, and hotels. One of the most coveted assets. Naturally, Hongkong Land has a large number of high-quality commercial buildings in Central.

Hongkong Land has a reputation as the "King of Central", and its business style has always been conservative, usually renting rather than selling its commercial properties. Therefore, in Central, where Hong Kong's land is at a premium, Hongkong Land owns nine high-end office buildings, including Swire House, Prince Building, Jardine House, Duke Building, Glouce Setar Building, Alexandra Building, Hong Kong Clubhouse Building, and the just-completed Exchange Square Phase 1 and 2.

Xu's China State Construction Group's business style is similar to that of Hongkong Land, and it also focuses on leasing commercial real estate. Therefore, Xu Shixun mainly got five commercial buildings in Central, including Landmark Phase I, Phase II, Swire, Prince Prince, and Jardine Matheson, which are located in Central, where every inch of land is valuable.

The direction of the Lin Group's real estate operation is commercial and residential, so Lin Kwai Tai did not compete with Kwok Henian for control of the Oriental Mandarin Hotel. Instead, the Lam Group opted to inherit Hongkong Land's large residential properties in Mid-Levels, Sheung Wan, Causeway Bay, Tsim Sha Tsui and other places, as well as a building in Alexandra House.

Guo Henian's Jiali Group has not only harvested this time. In addition to the Duke Building, where the Mandarin Oriental Hong Kong is located, the entire Mandarin Oriental Hotel Company is also in the bag. You should know that Mandarin Oriental is in Hong Kong, Macau, Singapore, Bangkok, Manila. Each has a five-star hotel named after Mandarin Oriental. In addition, it has a 4-star Excelsior Hotel in Central, Hong Kong, and a luxury resort in Chiang Mai, Thailand!

Karrie Group is next preparing to spin off its Shangri-La Hotel Company, complete the integration with Mandarin Oriental, and then list on the Hong Kong stock market independently. The new company will also become the largest top-tier hotel group in Asia.

Although Mr. Fok Yingdong was one of the first Chinese businessmen to participate in real estate development in Hong Kong, he was the first to come up with the idea of selling uncompleted properties. But from the sixties. Under the suppression of the Hong Kong authorities, Huo Yingdong has gradually faded out of the Hong Kong real estate industry. Since the early eighties, the focus of Huojia's investment has gradually shifted to Chinese mainland.

The assets that Huo Lao got this time are mainly the two major businesses of Hongkong Group, including Dairy Company, Maxim's Group, Wanning Pharmacy, Wellcome Supermarket, 7-Eleven Convenience Store, Shenchang Company, etc., food and retail. The Huo family is ready to integrate these businesses into a new dairy international company. It will then be re-listed on the Hong Kong stock market.

The only property that Mr. Fok asked to be included in his own property was a 19-storey commercial building in Tsim Sha Tsui, Kowloon. The name of this building is Xingguang Hong, which was built by Fok Yingdong in the early 60s by inviting four other Chinese-funded consortiums to jointly raise 30 million Hong Kong dollars, and was named Kowloon Commercial Building at that time.

However, during the Korean War, Huo Yingdong smuggled a large amount of strategic materials from Hong Kong to China. He accumulated the first pot of gold through this, and while he was known as Hong Kong's "red-top giant", he was also blacklisted by Britain and the United States. Therefore, since the completion of the leasing of Starlight Bank, it has been suppressed by the Hong Kong government and the US Consulate in Hong Kong.

In the end, Huo Lao was forced to transfer the new building at a low price to the land company that took advantage of the fire to rob it. In order to protect themselves, the Huo family began to gradually fade out of Hong Kong's business operations since then. Starlight can be said to be the darkest moment in Huo Yingdong's memory. And now he can finally be ashamed!

As the convener of this acquisition and the largest investor, Li Xuan naturally obtained the most generous income this time. He first acquired two commercial office buildings, Gloucester Building and Hong Kong Clubhouse Building in Central, as well as a plot of land next to Exchange Square Two, which was originally intended to be used for the construction of Exchange Square Phase 3.

In 1982, Hongkong Land purchased the Exchange Square site in Central for a sky-high price of HK$4.755 billion. This also became the aftermath of the '82 real estate crisis. One of the important reasons for Hongkong Land's huge losses year after year.

However, with the recovery of Hong Kong's real estate market, this prime land has become a scarce resource again. Hongkong Land's recent completion of the opening of the Exchange Square Phase 1 and 2 is very occupied, which is enough to explain the problem.

Originally, this remaining land had been planned by Hongkong Land for the construction of Exchange Square Phase III. But after Hongkong Land was privatized, Li Xuan asked for it to be transferred to his own.

In fact, if the land is auctioned again now, the price will be worth at least 1.5 billion Hong Kong dollars. With the recovery of Hong Kong's property market since last year, the land that Hongkong Land Company ate when land prices were high because of its initial aggressiveness has gradually ceased to be a drag. It's just that sometimes the data in the financial statements. It's usually much behind the scenes.

For example, the first and second phases of Exchange Square have just been completed, and although the occupancy rate is very good, these stable cash flows will not be shown until the next year's financial report. But the cost of building the two skyscrapers has already been accounted for, so Hongkong Land's financial figures are not good.

And if there is another year and a half, after Hongkong Land eases up this breath, Li Xuan and others will not be able to successfully privatize Hongkong Land with only 16 billion Hong Kong dollars!

As a leader in Hong Kong's real estate industry, Hongkong Land also has a number of properties and land plots across Hong Kong. These assets were also divided among the five shareholders of Heung Kong Holdings.

In addition to two office buildings in Central, Li Xuan was assigned to a podium. In addition to a piece of land, a large amount of equity will be allotted to the other four shareholders when they list the assets obtained from Hongkong Land independently or replace them with their own original listed companies.

According to Zhuang Yuhai's estimates, Hongkong Land's assets have undergone this split and reorganization, and then carefully packaged and then re-listed. It is easy to achieve a market value of more than 20 billion. In other words, the gross profit margin of this acquisition is at least 25%.

After removing the initial investment, each of the five shareholders of Heung Kong Holdings can have a wealth growth of at least 500 million or 600 million yuan. Li Xuan's equity in it accounts for the highest proportion, even after removing a series of costs such as bank loan interest and acquisition fees, it will definitely be able to make a net profit of more than 1 billion Hong Kong dollars.

"Ah Xuan, you have given me enough support over the years. You don't owe me anything!These assets will be left for my nephew and niece as pocket money, even if you don't give them to Xiao Nuomi and Xiao Tangyuan, you should make some plans for Xiao Doubao in advance!" Li Ke shook his head and pushed the transfer agreement back to his brother.

Xiaodoubao is the daughter of Li Xuan and Li Zhi, and the Li family has not officially recognized the identity of this illegitimate daughter in order to take care of the face of Zhong Chuhong, a legitimate lady. But in private, Li Xuan, the father, naturally treats his children equally. After each child was born, Li Xuan prepared a trust fund for their beauties that could provide them with food and clothing for the rest of their lives.

The Oriental Group is not ready to enter the real estate industry, and Li Xuan's LH Investment Fund, which is privately owned, is ready to take a share of Hong Kong's future property market profits. However, its participation will also be based on buying shares of major real estate companies in Hong Kong. In fact, as early as '83, the LH Fund's portfolio has absorbed a lot of Hong Kong real estate stocks on dips.

Therefore, in this division of the assets of the land company, the reason why Li Xuan asked several other companies to allocate the land for the two office buildings of Glough Les Brown Building, the Hong Kong Club Building, and the third phase of Exchange Square to himself was precisely for his eldest brother Li Ke.

"Hong Kong's real estate industry has gone through three cycles since it started in the 50s! The first real estate boom was in the early 60s, and Li Jiacheng, Guo Desheng and others all entered the real estate industry at this time.

Then, in the mid-to-late 60s, there was a run on Hong Kong's banking industry, coupled with the Wen-Ge turmoil in China, which caused the first Great Depression in Hong Kong's property market!

For example, Zheng Yutong of the New World Group took this opportunity to acquire a large number of properties at low prices! There are also people like Li Jiacheng, Guo Desheng and others, who also took advantage of the collapse of land prices in those years to reserve a large amount of land!

Hong Kong's property market then came out of the trough in 1968 and re-entered an upward cycle. This upward cycle lasted for five years, until the oil crisis in 1973 caused Hong Kong's real estate industry to fall into a trough again!

And like Li Jiacheng's Cheung Kong Group, Guo Desheng's Sun Hung Kai Properties, Zheng Yutong's New World Group, and Hu Yingxiang's Hopewell Industrial, these Chinese-funded real estate giants with unlimited scenery all took advantage of the Hong Kong stock market and property market boom in 1972 to go public, and they made a large amount of money.

After the collapse of Hong Kong's real estate industry in 1973, these Chinese-funded real estate developers took the opportunity to reserve land at a low price and continue to expand, just like in the previous property market downturn.

The third upward cycle of Hong Kong's property market lasted from 1975 to 1982. After the Hong Kong property market peaked in 1982 and accumulated a large number of bubbles, it collapsed again due to the political turmoil in the Sino-British negotiations!

Since last year, Hong Kong's property market has gradually come out of the trough and begun to enter a new round of upward cycle! Looking at all the rapidly rising Chinese-funded real estate tycoons in Hong Kong, all of them have stepped on the rhythm, taking advantage of the trough period of the market to reserve a large amount of land, and then reaping huge profits after the property prices have picked up!

According to my judgment, the next round of property market upswing in Hong Kong may last for a long time. Your Kunpeng Real Estate, under my deliberate suppression, has missed the best opportunity to accumulate strength in the previous two years!

Our brothers settle accounts, because of my reasons, Kunpeng Real Estate has lost the opportunity to make great strides, and I naturally have to make up for it now!" Li Xuan handed over the transfer agreement that the eldest brother pushed back.

In fact, as early as the beginning of 1983, Li Ke had already established a real estate company called Kunpeng Real Estate. However, after the establishment of Kunpeng Real Estate, it took advantage of the low property prices to buy some luxury houses!

The only large-scale project of Kunpeng Real Estate was to take over a half-built commercial and residential property in Sha Tin when Carnival Group was in bankruptcy and liquidation.

Behind Li Ke stands the younger brother of the world's richest man, and naturally there is no problem in terms of funds. The reason why Kunpeng Real Estate did not buy land in the first two years is indeed because of Li Xuan.

Real estate investment is profitable, and this is almost a consensus in Hong Kong. And Li Xuan has a lot of money in his hands, so the bigwigs of Hong Kong's real estate industry have actually been very wary of the giant Oriental Group coming in to grab food.

The ultra-high profitability of the Oriental Group has made Li Xuan's cash flow very abundant, and other companies can't compete with him at all. But the cake of Hong Kong's real estate industry is so big, if Li Xuan eats more, it means that other people will eat less!

At the beginning, Li Ke won the land of the former site of the Central Fire Station in the name of Kunpeng Real Estate. The bigwigs of Hong Kong's real estate industry suddenly panicked and shouted one after another that the wolf is coming! It was not until the Oriental Group announced that this piece of land would be used to build the company's new headquarters building, that everyone put down their hanging hearts!

Li Xuan's rise is too fast, and the hidden danger is that his foundation in Hong Kong is unstable. So it is important for him to have fewer enemies, and almost all of Hong Kong's most powerful interest groups are concentrated in the real estate industry.

In order to eliminate the suspicion of these real estate tycoons, Li Xuan not only never showed his intention to enter the real estate industry, but even his eldest brother's real estate company was deliberately limited by his development speed......!