CITIC Pacific gained a useful strategic asset at a reasonable price in its acquisition of half of the Discovery Bay residential complex.
The $3.4 billion acquisition could contribute more than $1 billion in income over the next two years, boosting earnings per share by between five and 10 cents over the period.
The mainland investment holding company, under the Communist Party's State Council in Beijing, is earning itself a credible reputation as an astute investor and enhancer of strategic assets.
Since its name change in the summer of 1991, CITIC has been aggressively expanding its investment portfolio with significant holdings in economically important assets in Hong Kong and China.
Analysts have been happy to report that despite huge changes and big cash calls - it undertook the stock market's biggest placement last year to raise $7 billion - shareholders have been treated fairly.
''CITIC has enhanced earnings per share and asset value per share in the expansion of the group,'' one analyst said.