SWIRE Properties surprised the market when it linked arms with CITIC Pacific in a $2.85 billion Kowloon property bid. But the move was merely the latest step in the British hong's strategy to woo China.
''We are not rushing in. We are taking a long-term view. It could be the end of this decade before we see substantial business in China, but we are taking positive steps forward,'' Swire Group chairman Mr Peter Sutch said recently.
Analysts believe that, in marked contrast to rival hong Jardines, the quintessentially British Swire Group has mapped out a clear strategy for the future.
When he took over as chairman last year Mr Sutch also took over as chairman of the China Action Group, comprising all senior managers of Swire Pacific companies with the aim of co-ordinating the group's overall China strategy.
It has been Swire Pacific's long-stated aim to concentrate its business activities within the Hongkong-China-Taiwan triangle.
As one market analyst pointed out: ''Every move Swire makes is carefully thought out and executed. The big difference between Jardines and Swire is that the Swire Group is seen to be making a commitment to China.'' Last week's joint venture between Swire Properties and CITIC Pacific came as something of a surprise to some analysts, particularly in the light of the continuing Sino-British row over proposed political reforms for Hongkong.