On This DayHSBC’s HK$5 billion headquarters opens in Hong Kong in 1986 – SCMP archive

This article was first published on April 8, 1986. Billion dollar brilliance by Staff Reporters The new $5.2 billion headquarters of the Hongkong and Shanghai Banking Corpn was formally opened last night (April 7, 1986) when the Governor, Sir Edward Youde, snipped a simple ribbon. The building, every light ablaze, was a symbol of the bank’s faith in the future of Hongkong, said the bank’s chairman, Mr Michael Sandberg. Many also saw it as a vindication of Mr Sandberg’s own commitment in his final years as chairman to press ahead with the controversial new headquarters, despite a barrage of criticism about its price tag. “It is easy to mouth confidence for the future,” said Mr Sandberg, who hands over the reins as chairman later this year. “But I believe these headquarters say it all so far as the bank sees the future.” The battleship grey architectural enigma, which has been described as capitalism’s cathedral of hi-tech, certainly dominated Central last night — just as surely as the bank has dominated Asian finance for decades. The new structure, Mr Sandberg noted, was the fourth bank building to stand on the site at 1, Queen’s Road Central. At the cutting of the ribbon, the band of the Coldstream Guards struck up a stirring rendition of “Onward, Christian Soldiers”; a gilded dragon pranced out of Cantonese antiquity and on to a transparent escalator gliding upwards towards the 21st century. It was appropriate. The twin streams of British skill and Cantonese canny, the traditions of the past and an architectural vision of the future, were harmoniously intertwined. “Our previous two buildings both lasted for 50 years and I am certain this one will not stand for less,” Mr Sandberg said in his address. “This great building will be standing for many decades after that date — 1997 — and was built so to stand.” However, he said, the pursuit of quality was seldom the easiest of tasks and this had been no exception. “Buildings, like aeroplanes or music or paintings which are clearly ahead of their time, engender great emotions. “We were therefore not surprised that the building initially invited controversy. What has pleasantly surprised us is the general acceptance it has now achieved and the very great number of plaudits we have received. “I hope it is not just a case of most people being polite — in view of the previous frankness (perhaps I can call it that). I think not.” Certainly, as the champagne (Louis Roderer, only the best) started flowing, a degree of frankness still abounded. Visiting peer Lord Todd told the SCMP: “It’s functionally efficient. But I don’t like it.” After a moment’s serious thought, Legislative Councillor Dr Helmut Sohmen said: “It’s an accommodation machine. I can’t say whether I like it or not, I can’t relate to it emotionally, I can only say that it suits its purpose as an office building.” Mr Sandberg told the guests, who numbered about 2,500, that there had been “fairly imaginative stories” about the cost of the building. “In the event, we were correct to within 4.5%: the final cost was $5,227 million plus fees. “This figure is not comparable with the cost of other buildings. It is the all-in cost of a completely fitted-out bank, including — as someone put it — everything down to the last in-tray, out-tray and ashtray.” In his address, Sir Edward said the building symbolised the characteristics of the Hongkong Bank itself: “Ambitious in its conception yet practical, imaginative yet securely rooted, modern and yet — with its famous lions at the entrance — guarded by solid tradition.” Sir Edward said that the Government, too, had played a part in Hongkong’s success as a major world centre of finance by providing a stable environment for the economy. Its role had also been to take swift and decisive action “when the protection of the stability and reputation of our financial system required it.” The Royal Hongkong Police band began to play at about 7 pm and the champagne was still flowing after the ranks of guests began to thin near 9 pm. The guest list was more than impressive enough to match the architectural wonder that now towers over the world’s third largest financial centre. Apart from at least two peers, Lord Kadoorie and Lord Todd, there were knights aplenty. Bishops, too, were sipping the bubbly. There were billionaires by the dozen and tycoons by the score. Ironically, though, it was hard to spot in the crowd world-renowned British architect Mr Norman Foster, who designed what is reputed to be the world’s most expensive building. When Mr Sandberg declared that “excellence costs money,” the faces of Hongkong’s wealthy and powerful beamed approval from the concourse. Another 21,000 people joined the $2 million party mood by remote control. These were bank staff and their families who gathered at Happy Valley and Shatin racecourses to watch a live telecast of the grand opening and live entertainment. It emphasised a message that Mr Sandberg, chairman for the past nine years, was trying to drive home: that the bank is part of the great Hongkong family. How many of those celebrating the official opening of the new building did not hold money in its vaults or shares in its future prosperity? Probably very few. But money cannot buy everything. In the case of last night’s ceremony all the money in the 50-ton locked doors of the Hongkong Bank vaults could not buy off the gremlins that haunt electronic systems. Mr Sandberg’s microphone could not be persuaded to work and he had to use a set meant for the Governor. It was the only hitch in what was otherwise an evening of impressive organisation. Departing guests were given a splendidly-illustrated book, simply named “One, Queen’s Road, Central,” to commemorate the evening. As the official party moved up the escalators to the banking hall, Mr Sandberg broke off a chat with Sir Edward to explain further what he meant. Was he happy with the final result of a decade of planning, effort, controversy and criticism? “Yes,” he said. He looked up at the stark but impressive atrium that soars above the banking hall. “It’s magnificent,” he said.

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}When it opened 40 years ago, the bank’s new headquarters was the most expensive building in the world

Billion dollar brilliance

When it opened 40 years ago, the bank’s new headquarters was the most expensive building in the world