Hongkong Chinese Limited
| Company type | Public company |
|---|---|
| Industry | Real estate development, property ownership |
| Founded | 1992 |
| Headquarters | Bermuda |
Area served | China, Singapore |
Key people | Stephen Riady (Chairman) |
| Parent | Lippo Capital |
Hongkong Chinese Limited is a company incorporated in Bermuda and listed on the Hong Kong Stock Exchange, with core operations focused on real estate development within China and property ownership in Singapore. It previously served as the parent company of Hongkong Chinese Bank until its divestment in 2002. The firm functions as an indirect subsidiary under Lippo Capital, which is controlled by Indonesian businessman Mochtar Riady and his family. The chairman role is held by Stephen Riady, Mochtar Riady's son.
History
Established in 1992 as The HKCB Bank Holding Company Limited, the entity was registered as a foreign corporation in Hong Kong on 20 October of the same year. In 2001, its subsidiary Hongkong Chinese Bank was divested to CITIC Ka Wah Bank for HK$4.2 billion. Following this transaction, the holding company adopted the name Hongkong Chinese Limited on 8 February 2002. That year, it secured an 85% ownership interest in both Macau Chinese Bank and ImPac Asset Management, acquiring these stakes for MOP$190 million and US$2.125 million respectively. Subsequently, in September 2007, it obtained an additional 15% share of Macau Chinese Bank for MOP$47.2 million. The company also intended to sell a 60% interest in Winwise Holdings Limited—the bank’s intermediate holding company—but this agreement did not materialize.
In 2006, Hongkong Chinese Limited collaborated with Argyle Street Management to purchase Kim Seng Plaza located in Singapore.
By June 2015, the company sold a combined 49% of Macau Chinese Bank’s shares to Chinese state-owned Nam Yue Group (40%) and Yang Jun (9%) for MOP$441 million, while maintaining a controlling 51% stake. Later in October 2015, it agreed to transfer an additional 31% ownership to Nam Yue Group (16%) and Wong Kar Ho (15%) for MOP$279 million; this transaction awaited approval from the Monetary Authority of Macau.
Ownership
In 1998, China Resources Enterprise acquired half of Lippo CRE (Financial Services) Limited—the parent entity of HKCB Bank Holding—which held a 58.78% interest in HKCB Bank Holding as of 2001. The remaining equity in Lippo CRE was owned by Lippo China Resources, itself a publicly listed subsidiary of Lippo Limited. In 2001, China Resources Enterprise divested its entire 50% stake in Lippo CRE along with an additional direct holding of 5.84% in HKCB Bank Holding to Lippo China Resources for approximately HK$1.8 billion.
To simplify its corporate structure, Lippo Limited acquired shares of Hongkong Chinese Limited from its subsidiary Lippo China Resources in 2007.