bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

Enoch Yiu

The reason HSBC Holdings gave up Skyhigh, perched on top of the Peak, for something further down the hill in 1991 was a 'lightning decision', according to some.
They say the 20,000 square foot colonial-style mansion built for chairman Michael Sandberg in the 1980s was struck by lightning at least once. Others say his successor William Purves just did not like the Pollock's Path residence that became known as 'Sandberg's Folly'. 
Whatever the reason, 19 Middle Gap Road has been the address of the bank's senior Hong Kong official for the past 20 years.
Come February the 'taipan house' will have its sixth new occupant when group chief executive Michael Geoghegan moves his office from London to Hong Kong, in a gesture seen as the bank 'coming home'.
Unfortunately for Vincent Cheng Hoi-chuen, the chairman of HSBC's  Asian arm, it means he will have to move out of his home of the past four years to make way for the new taipan.
It was announced last month that the bank, founded in Hong Kong in 1865, would be returning to its Asian roots by partially reversing the pre-handover relocation of the group's headquarters to Britain in 1993. 
Geoghegan will relocate to Hong Kong, while bank chairman Stephen Green remains in London. 
Geoghegan will also take over Cheng's title as chairman of HSBC's Asia-Pacific arm, which entitles him to live in the taipan house. Cheng will still be employed by HSBC, looking after the bank's mainland presence. 
Between Purves and Cheng, the house has been occupied by three other taipans - John Gray, John Strickland and David Eldon. 
Eldon, who was there for seven years, has fond memories of the house which he described as 'very big, very scenic, very comfortable'.
Unlike Skyhigh, which had a 360-degree panoramic view of Hong Kong, the Middle Gap Road house overlooks Aberdeen. 'But it's a very good view,' said Eldon. 
'The purpose of having a taipan house is not just to provide accommodation for the chairman. It is also to provide a decent place to entertain customers and business partners,' Eldon said. 'You would not expect the chairman of the bank to live in a tiny apartment in a remote area.' 
One thing that remained when Purves moved  was the annual Christmas gathering for more than 100 movers and shakers.
A frequent guest is  Allan Zeman, the chairman of Lan Kwai Fong Holdings and Ocean Park, who has attended parties at Skyhigh and Middle Gap Road.
'Skyhigh had a really spectacular view, while Middle Gap Road feels closer to nature with more vegetation and trees. Both could handle more than 100 guests - you do not feel it is crowded,' Zeman said.
He said the decoration of the current  taipan house had not changed much over the years apart from touches here and there on the instructions of the various chairmen or their wives.
After Purves moved the headquarters of the bank to London in 1993 and the taipan house  was passed on to Gray, he would stay in an apartment on the 40th floor of the HSBC building in Central whenever he returned to Hong Kong.
However, like Skyhigh, the chairman's apartment is no longer there. 
John Bond, who succeeded Purves as group chairman, had it converted into a function room because he considered the apartment's maintenance costs too high and found it more economical to stay in a hotel.  
Meanwhile, his Asia bosses would take a 10-minute car ride to Middle Gap Road for what Eldon described as: 'My favourite moment at the house, when I came  back at midnight after a hard work day, you were pleased that you were at home.'
Kings of the hill 
A history of HSBC Holdings' 'taipan houses' and the bank officials who have lived there
1977-86 Michael Sandberg builds the  first &/quotedblleft;taipan house' on the  Peak at 10 Pollock's Path,  an extravagant colonial- style mansion dubbed  Skyhigh - which some  call 'Sandberg's Folly' 
1987-93 Sandberg's successor, William Purves,  dislikes Skyhigh's extravagant style  and moves to another bank property  at 19 Middle Gap  Road, which  becomes the new  taipan house.   Skyhigh is sold to  Yaohan  International  boss Kazuo  Wada in 1991 for  HK$85 million 
1993-96 John Gray becomes the bank's  Asia-Pacific chairman and  Purves moves to London.  During Purves' occasional  return visits, he stays in the  chairman's apartment on  the 40th floor of the HSBC  headquarters. In 1996,  Wada sells Skyhigh to the  Pearl Oriental Group for  HK$375 million 
1996-98 John Strickland takes over  Gray's title and taipan house  and experiences a burglary in  1998.  Skyhigh is demolished  in 1997 after Pearl Oriental  runs into financial trouble  and the site is left empty 
1999-2005 David Eldon takes the helm  from Gray and becomes the  longest resident of taipan  house. The Skyhigh site is sold  to movie star Stephen Chow  Sing-chi and a partner in  2004 for HK$320 million 
2005-09 Vincent Cheng becomes the first  Chinese to take both the title and  the house. Skyhigh  is developed  into four villas  - two of which  were recently  sold for a  combined  HK$780  million 
2010 Michael Geoghegan  will take over from  Cheng and reside at  taipan house



Peak mansion ready for its next HSBC taipan