Chapter 171: Bowers' Purpose
Half an hour later, Lin Haoran arrived at the Hongkong Electric Holdings headquarters at 44 Kennedy Road. Entering the reception room, he saw Chen Shoulin chatting with a middle-aged Westerner, who was obviously the famous Bowers, General Manager of Land Holdings. "Mr. Lin, hello," Bowers stood up and shook Lin Haoran's hand. "Mr. Bowers, nice to meet you," Lin Haoran responded with a polite smile. Although he didn't yet know the purpose of Bowers' visit, it was clear he must have some interest in Hongkong Electric.
Previously, Land Holdings had attempted to acquire Hongkong Electric but had been preempted by Lin Haoran. Unable to continue, they had shifted their attention to other enterprises. After the three men sat down, Chen Shoulin began to explain, "Boss, I've spoken with Mr. Bowers. His purpose today is to discuss the possibility of jointly developing the old North Point Electric Road Power Plant site."
Lin Haoran immediately understood. No wonder Land Holdings had wanted to acquire Hongkong Electric — they had their eyes on that land. Aside from the stable revenue from electricity sales, Hongkong Electric's most valuable asset was that land. At current market prices, the North Point site alone was worth around HK$1 billion, and by year's end, it could easily reach HK$2 billion. Such a priceless piece of real estate naturally attracted interest.
This had likely been Land Holdings' primary motivation to attempt a takeover. Failing that, they now hoped to participate through cooperation. Entering the 1980s, Land Holdings had seemingly regained confidence in Hong Kong's future. Under Bowers' leadership, they shifted from being a cautious, steady investor to an aggressive property developer, rapidly expanding through mergers, acquisitions, and joint ventures. They were now promoting more than seventy projects with major firms like Far East Development, Carrian Group, Hang Lung Properties, Cheung Kong Holdings, and Hongkong and Yaumati Ferry Company.
Thus, seeking cooperation with Hongkong Electric made perfect sense. And it wasn't just Land Holdings eyeing the site — Cheung Kong Holdings had already held several discussions with Chen Shoulin regarding a similar partnership.
"Mr. Lin, we come with great sincerity. We know Hongkong Electric plans to develop that land, but the company is new to real estate and likely lacks the ability to independently handle such a large project. Land Holdings, however, has extensive experience. If we work together, I believe we can develop a major residential complex. Given Hong Kong's soaring property prices, by the time the project is completed, profits could double," Bowers said earnestly.
"Oh? And what exactly is the sincerity you're offering?" Lin Haoran asked with a smile. In truth, he intended for Hongkong Electric to develop the land in partnership with Wan'an Group, maximizing internal profits — keeping everything "in the family." Still, he was curious what terms Land Holdings would offer.
Internally, Lin Haoran already considered Land Holdings his eventual acquisition target. With the funds he controlled, and without other Chinese groups yet moving against Land Holdings, if he kept his ambitions secret from Jardine Matheson and others, the probability of success was high. He needed to complete the acquisition before Land Holdings and Jardine began their cross-shareholding plans later this year. After that, with mutual holdings nearing 40%, taking over would become virtually impossible without first securing that much in shares — an almost unattainable goal.
Even if the cross-shareholding went through, Lin Haoran might still get a second chance in 1983 when a new leader at Jardine would cancel the policy and drastically reduce cross-holdings. But all of that remained speculative, dependent on how smoothly Huanyu Investment's current absorption efforts progressed.
"Mr. Lin," Bowers continued, "we propose to jointly establish a real estate development company. Based on detailed market evaluations, the land is currently valued between HK$900 million and HK$1 billion. As a show of good faith, we propose a valuation of HK$1 billion. Each party would contribute HK$500 million to purchase the land through the new joint venture. The profits from the completed project would be split 50-50. This way, Hongkong Electric avoids the burden of developing it alone while both sides benefit."
This cooperation model was common in Hong Kong's real estate scene. It spread financial risk, pooled resources, and accelerated project development while ensuring both parties profited and shared risks equally. For Hongkong Electric, it meant immediate injection of HK$500 million and 50% of future profits.
Had Lin Haoran not acquired Hongkong Electric, by year's end, the company would likely have entered a similar three-way partnership with Cheung Kong Holdings and Wheelock & Co.
"Mr. Bowers, before you came, many developers — including top British and Chinese firms — had already approached us about this land. We declined them all. I own Wan'an Group, which focuses on real estate development. Our delay in developing the site stems from Wan'an's temporary shortage of capital, not because we can't develop it. Also, given Hong Kong's booming property market, this land will only become more valuable over time, as I'm sure Land Holdings has also realized," Lin Haoran said calmly.
For cooperation to happen, the other side had to offer real benefits. The model Bowers proposed was too ordinary. With such a prime location — less than two kilometers northeast of Causeway Bay, adjacent to the Cross-Harbour Tunnel, and facing Victoria Harbour — they could find plenty of capable partners. Why choose Land Holdings unless they offered a better deal?
This piece of land was pure gold. The opposite shore hosted the Shangri-La Hotel project Wan'an Group was building. Such a location rivaled even Hung Hom and Causeway Bay.
Bowers, hearing Lin Haoran's words, maintained a neutral expression. He knew that negotiating with Lin Haoran would not be easy. Despite his youth, Lin Haoran's achievements were undeniable — taking over Hongkong Electric right under Land Holdings' nose had already proven his extraordinary capabilities.
Moreover, after ten days under Lin Haoran's leadership, Hongkong Electric's stock price hadn't fallen; it had risen steadily. Today, it stood at HK$4.1 per share, pushing the company's market value beyond HK$2.5 billion — faster than when Land Holdings had tried to quietly acquire shares. Even the stock market investors had clearly placed their confidence in Lin Haoran.
Both Land Holdings and Jardine Matheson had investigated Lin Haoran's background. The findings matched what Oriental Daily had reported: he had anticipated the Wheelock stock boom, snatched Qingzhou Cement from Li Jiacheng, boldly invested in oil before the crisis, and seized Hongkong Electric before Land Holdings could act. Such foresight and decisiveness were rare.
Thus, after everything, neither the British nor Chinese business communities in Hong Kong dared to underestimate Lin Haoran anymore. In the business world, age and experience were valuable, but in the face of true commercial genius — those who possessed keen insight, innovative thinking, and rapid learning ability — simple seniority no longer mattered.
To many Hong Kong tycoons now, Lin Haoran was seen as a rare business prodigy.
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