Hongkong Land Holdings Ltd (HKL), founded in 1889, is the real estate investment and development subsidiary of the Jardine Matheson Group ( JMG), a Hong Kong conglomerate founded as a trading enterprise in 1832 and currently controlled by the Scottish family Keswick. The group is involved in several industries in Hong Kong and Asia and has various subsidiaries, including six listed companies that occupied 10.75 percent of total market value of the Hong Kong Stock Exchange at the beginning of 1990 (Mok et al. , 1992) before the group moved its listings elsewhere (see below). 1 JMG’s real estate arm, HKL, is a leading real estate investment, management and development company in Hong Kong, with a substantial real estate portfolio concentrated in prime commercial areas in Hong Kong, and some interests elsewhere in major Asian cities including Singapore. HKL is possibly best known for its large (dominant) portfolio of commercial properties in Central, the prime central business district of Hong Kong, acquired during the colonial era, amounting in the mid-1990s to some 40 percent of the total stock of Grade A office space in Central.