HENDERSON Land Development is the holding vehicle for Lee Shau-kee's companies, controlling Henderson Investment and through it Hong Kong Ferry (Holdings) and Hong Kong & China Gas.

Last year Standard Chartered Securities recommended a buy, saying it had the most undemanding valuation of the major property companies.

This proved poor advice. A year ago, Henderson Land traded at $64.50. Now it is worth $65.75, having lagged the HSI by 18.2 per cent.