The Hongkong Land Company Ltd, Part Two

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1921 Reclamation begins

The property market revived and better times had come. Work on the long awaited Praya East Reclamation scheme began at last in 1921, and Hong Kong’s newest land boom was soon at its height.

From 1921 to 1924 the Company sold large areas of land and reclamation rights in the Eastern District at a handsome profit in Central. 14 Des Voeux Road, 12/12A Des Voeux Road, and the St. George’s Building were also sold.

On 27 May 1926 Sir Paul Chater died. Mr. D.G.M.Bernard, who was Chairman at the time said: ‘Sir Paul had been a Permanent Managing Director of the Company since it was formed in 1889. It was largely his foresight and business acumen in connection with property matters that brought the Company to its present state of prosperity. During his very long residence here he devoted a great deal of time and thought to the development of the Colony and acquired a knowledge of property values which was quite unrivalled.’

1927 acquisition of Prince’s Building

Prince’s Building bought for $3 million in 1927 was yet another major acquisition in the Central District.

Gloucester Building

A few weeks later the site of the burnt-out portion of the old Hong Kong Hotel at the corner of Des Voeux Road, Central and Pedder Street, some 26,000 square feet in area, was bought for $1.375 million. By 1930 the Company had worked out a scheme for the redevelopment of this property as a combined shop/office/residential building which later housed the well known Gloucester Hotel. The development was completed in 1932.

1933 Source: Gwulo.com

Sources: The Hongkong Land Company Ltd: A short history. This booklet was sent to me several years ago and I am sorry to say I cannot remember who by. (Hugh Farmer)

This article was first posted on 5th April 2025.

Related Indhhk articles:

1. The Hongkong Land Company Ltd, Part One