atans1

LKY talked cock on UBS/ Ang mohs that really invest for long term

In GIC, Hong Kong, Property on 25/05/2017 at 4:26 am

GIC’s sale of at a loss of part of its stake in UBS reminded me that one Harry Lee boasted that S’pore was even more long term than Buffett: it had a 30 yr horizon. Well he said that in 2007 or 2008 after GIC bot UBS and Citi and Temask bot Barclays (sold) amd Merrill Lynch (disappeared), so it turns out he was talking cock: like on being a good friend of China? He was a running dog of the US going by the quality of the US crowd versus that of the PRC crowd at his funeral.

Now this is serious long term

— Jardines (controlling shareholder of Hongkong Land where the land in Central now resides) first bought freehold land in Central in 1901, and

— HSBC has owned its nearby site since 1866.

And that’s nothing. The Duke of Westminster has properties in central London dating from the 17th century.

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  1. The UK govt should have created a Temasek-equivalent & bought up central & CBD land in both HK & SG back when they were in control. At least in 1946 or 1947 when HK & SG were dirt cheap, but they knew they no longer had the money to maintain the Empire.

    The main thing was political risk — whether independent S’pore or China will nationalize & confiscate the properties. But so far, both still respect long-standing property laws & rights in each jurisdiction. UK will have made a huge bundle & continuing to own crown jewels in the East spewing out tons of rich rental income.

    Majority of leasehold property in UK are actually owned by the Royal family and other aristocratic families (the freeholders). These were originally leased out to the plebes on 999-yr leasehold (that’s how the idea for Singapore’s early 999-yr leases originated). But over the centuries, many have been bought back by the freeholders and re-leased on shorter 125-yr or 99-yr, and/or sub-leased by property developers/agencies owned by the freeholders.

    The ongoing rentals over the centuries is how many scions of aristocrats can continue being professional party-goers & socialites.

  2. “Running dog of US” so what you meant to say is we should be a running dog of China.

    As you insisted running dog of US perhaps you have info the public didn’t have. Can you elaborate. Is there any war where we have sent our soldiers to fight for US? Did we do any bidding on behalf of US? By the way you didn’t know Spore signed the Nonalignment Treaty did you?

    In the long short you mentioned, why are you comparing apples to oranges. You mean a 50 year old country can own assets of 100 years? HSBS, Jardines and Duke of Westminster are all older than Spore.

    As to Harry mentioning 30 yearsyears, there is nothing wrong with that if you understand investment. One of the key principles is one must have a time frame in mind when building investment portfolios.

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