Henderson Land Development

[2] In 2006, the State Administration of Foreign Exchange (SAFE) found that Henderson had breached the foreign-exchange regulations in the amount of HK$565 million.

In November 2002, the company attempted to buy out minority shareholders by making an all-cash offer of HKD 7.60, representing a 40% discount to NAV.

[6] On 27 March 2007, it was reported that the company would not make another privatisation bid for the time being, but offered HK$12.1 billion for some of its subsidiary's assets, principally the holdings in Miramar Hotel and Hong Kong Ferry held by Henderson Investment.

It would acquire the 39.06 percent stake in Towngas held by subsidiary Henderson Investment for HK$42.86 billion in cash and convertible notes.

Webb further criticised the nature of the offer as a back-door privatisation of Henderson Investment, which would virtually be a shell company after the transfer of the stake.

[9] On 7 November, Henderson sweetened the offer to appease minority shareholders (mainly Elliott Capital) by increasing the cash portion to HK$2.24 per share.

[11] On 8 December 2006, the company spun off and listed 12 office and 8 retail properties in Hong Kong into a Real Estate Investment Trust, Sunlight.

[12] However, the issue fell by 6.5% on its market début on 21 December, and as at March 2007 has fallen 16.2 percent (since the listing) due to investors' apprehension of financial engineering of the REIT.

[13] The issue's flop was cited as the reason Regal Hotels International chose to delay its own planned REIT offering.

[14][15] In a joint venture with Sun Hung Kai and MTR Corporation, the company developed the International Finance Centre complex, which includes the landmark waterfront property and then tallest building in Hong Kong, completed in 2003.

Beverly Hill