Final Results - Part 1

Jardine Matheson Hldgs Ld
27 February 2001


Part 1 of 2

The following announcement was today issued to the London
Stock Exchange.

Jardine Matheson Holdings Limited
2000 Preliminary Announcement of Results

* Recurring earnings per share increased by 21% to USc35.22
* Robert Fleming stake sold for a profit of US$767 million
* Successful 20% share repurchase offer
* Strong operating cash flows support business initiatives

Results

  ------------------------------------------------------
                        Year ended 31st December
                                   2000     1999  Change
                                   US$m     US$m       %
  ------------------------------------------------------

  Revenue                        10,362   10,675      -3
  Net profit excluding
   non-recurring items              195      176     +11
  Net profit                        931      207    +349
  ------------------------------------------------------
                                    USc      USc       %
  ------------------------------------------------------
  Earnings per share             168.14   34.26     +391
  Earnings per share excluding
   non-recurring items            35.22   29.07      +21
  Dividends per share             26.50    25.00      +6
  ------------------------------------------------------

'The  earnings per share growth which we were able to  achieve
in  2000 is expected to continue in the current year,  as  the
prospects for the majority of our businesses remain positive.'

Henry Keswick, Chairman

'I  expect 2001 to be another year of progress and development
for  the Jardine Matheson Group.  I am confident that we  have
the structure, the people, the technology and the strategy  to
deliver  growing  long-term shareholder value  in  a  changing
world.'

Percy Weatherall, Managing Director
27th February 2001

The  final  dividend of USc18.70 per share will be payable  on
24th  May  2001,  subject to approval at  the  Annual  General
Meeting  to be held on 17th May 2001, to shareholders  on  the
register  of  members at the close of business on  23rd  March
2001  and  will be available in cash with a scrip alternative.
The ex-dividend date will be on 21st March 2001, and the share
registers  will  be  closed  from 26th  to  30th  March  2001,
inclusive.

Jardine Matheson Holdings Limited

Preliminary Announcement of Results
For The Year Ended 31st December 2000

Performance
Jardine  Matheson Holdings Limited today announced  that  this
was  a year of progress for the Group, with a strong operating
performance and a number of   corporate   moves   designed  to   
generate   value   for shareholders.  Despite a slowing in the 
Group's primary  Asian markets  towards  the  end of the year, 
recurring  earnings  per share increased  by 21%  to USc35.22.   
Asset  sales,  share repurchases  and a recovery in Hong Kong 
commercial  property  rentals  were  responsible  for  a  67% 
increase  in  net assets per share to US$8.50.

The  Board  is  recommending an increased  final  dividend of 
USc18.70  per share, which together with the interim dividend 
of USc7.80 per share,  gives  a  dividend  for the  full year 
of  USc26.50  per share, compared with USc25.00 in 1999.

Developments
Turning to the developments, the Chairman, Henry Keswick, said
that  the Group's operating cash flows of some US$400  million
allow  it to invest in all its core businesses as well  as  to
purchase  shares  in  Group companies when  favourable  market
circumstances  present themselves.  Throughout  the  year  the
Group   continued  to  rationalise  its  business   portfolio,
concentrating  its resources on those of its operations  which
merit   increased  investment  by  virtue  of   their   market
leadership  or growth prospects. Notable business initiatives in 
2000 included the acquisition of  The  Rafael Group by Mandarin 
Oriental, the privatisation of Jardine Motors Group,  Cycle &  
Carriage's  investment  in Astra  International, the regional 
development of Dairy Farm, the expansion of Jardine Lloyd Thompson's 
operations  in  the United Kingdom and the United  States,  and  
Hongkong  Land's upgrading of its Central portfolio.

The  sale of the Group's investment in Robert Fleming to Chase
Manhattan for US$1.2 billion, payable half in cash and half in
Chase  stock, was completed in August, generating a profit  of
US$767  million.  Jardine Matheson's shareholders  were  given
the  option  to  benefit directly from  this  sale  through  a
repurchase tender for some 20% of the Company's equity capital
at  a  premium to market price.  This offer, which was equally
well  received  by  accepting shareholders and  by  those  who
preferred to retain their shares for future appreciation,  was
partly   funded   by  the  issue  of  US$550   million   bonds
exchangeable into Chase stock.  In addition, various other non-
core  businesses were disposed of profitably during the  year.
These  non-recurring  gains  were  partially  offset  by asset 
impairments and provisions of  some  US$56  million in Jardine 
Motors Group, US$35  million  of asset  impairments in Jardine 
Pacific and the  Group's  US$51 million  share of a  provision 
against Dairy Farm's  Australian retail operations.

In accordance with the groupwide strategy for improving returns  
on equity, share repurchases were also implemented at  Hongkong  
Land   and   Jardine  Strategic,  the  companies   respectively 
buying   back   5%   and   8%   of   their  equity   capital,  
the  former by  tender  offer   and   the   latter  by    open
market  transactions.   In  addition,  Jardine  Matheson   and
Jardine  Strategic took advantage of opportunities to increase
their   stakes  in  most  of  the  Group's  principal   listed
companies.

Looking Ahead
In  conclusion,  Henry Keswick said, 'The earnings  per  share
growth  which we were able to achieve in 2000 is  expected  to
continue  in  the  current  year, as  the  prospects  for  the
majority  of  our  businesses  remain  positive.   This  will,
however,  be  subject to business confidence being maintained,
especially in the Asian economies where we chiefly operate.

'The  breadth  and  depth  of experience  within  the  Jardine
Matheson  Group gives it a competitive advantage, particularly
in   Asia,  which  should  ensure  continued  growth  in   our
businesses and enhanced returns for shareholders over the long
term.'

Managing Director's Review

The  year 2000 was one of accelerated activity for the Jardine
Matheson  Group,  a  year which set the tone  for  our  future
development.  Our aim - within the context of sound finance  -
is  to maximise returns to our shareholders by every means  at
our   disposal.   By  continuing  to  invest  in  our   growth
businesses;  by  realising  gains when  we  believe  that  the
conditions for sale are optimal; and by purchasing (or  buying
back)  shares  in Group companies when that course  of  action
appears  likely  to  produce better returns  on  capital  than
external  investment opportunities.  At the same time  we  are
more  than  ever aware of the need for professional management
of all our businesses to meet rising standards of competition.

Focus on Opportunity
Against  the  background of a somewhat patchy  Asian  economic
upturn,  we  created numerous opportunities to strengthen  our
businesses.

Jardine  Pacific  benefited  from  the  streamlining  of   its
management,   and   much  was  achieved  in  structuring   its
operations  for  growth,  most notably  in  its  shipping  and
logistics  businesses  and  its IT  service  provider  Jardine
OneSolution.

Hongkong  Land, through a combination of stylish refurbishment
and  the  upgrading of its technology infrastructure, enhanced
its  Hong  Kong Central District portfolio, which was  already
established  as  the  market leader.  These  initiatives  will
ensure  that  the  value of Hongkong Land's  prime  commercial
properties,  which  are  also experiencing  rising  rents  and
capital values, will be maximised in the years ahead.

At  Dairy  Farm, notwithstanding problems in Australia  and  a
price  war  in Hong Kong, good progress was made on developing
the  group's  operations in Southeast  Asia  and  India.   The
growth  of the Giant hypermarket business in Malaysia and  its
successful   expansion   into  Singapore   were   particularly
noteworthy.   Dairy  Farm's associate,  Maxim's,  joined  with
Starbucks  to  introduce  this well-tried  concept  to  retail
locations  to  Hong Kong, immediately receiving  a  favourable
response.

The  privatisation  of  Jardine  Motors  Group,  completed  in
October,  took  place in the context of an excellent  year  in
Hong  Kong, where demand for Mercedes-Benz vehicles  recovered
strongly.   On  the other hand, a variety of  circumstances  -
some  of them beyond our control - led to a very disappointing
performance  in   the   group's  UK   operations,  where   new
management  is  taking vigorous action to increase  efficiency
and restore profitability.

Cycle  & Carriage in Singapore enjoyed a good car market.   In
line  with  its  strategy of regional  expansion  the  company
acquired  31% of Astra International, one of the  largest  and
best  managed  groups  in Indonesia with  interests  in  motor
manufacturing  and  distribution, agribusiness  and  financial
services.   Astra  is operating well, but has  substantial  US
dollar  indebtedness and has been hard hit by the collapse  of
the  Rupiah.   Towards  the  end  of  2000  Jardine  Strategic
increased  its  shareholding in Cycle  &  Carriage  to  25.9%,
perceiving   good  value  in  the  shares  despite  continuing
uncertainties in Indonesia.

The  year saw significant progress in building the reputations
of   Mandarin  Oriental  and  Jardine  Lloyd  Thompson.    The
acquisition  of The Rafael Group was an important catalyst  to
raise  the profile of Mandarin Oriental's luxury brand, giving
the  company  critical mass in the United States  and  Europe.
The  reopening of the refurbished Mandarin Oriental Hyde  Park
in  London and the completion of a new hotel in Miami  further
enhanced its already outstanding portfolio.

Jardine   Lloyd   Thompson,  now  the  largest   London-quoted
insurance broker, made considerable progress in developing its
business  during the year.  It strengthened its UK  operations
with   acquisitions  in  the  corporate  insurance,    pension
administration and reinsurance areas, and in the United States
it  formed a partnership  with  the investment bank Blackstone
Group  to  provide sophisticated risk management services  for
major corporates.

Excellence in Management
Imaginative management with the ability and authority  to  act
decisively  is  fundamental to the success of the  Group.   We
place  great  importance on recruiting the  right  executives,
supporting  them and making them clearly accountable  for  the
running  of  each operating company.  They in turn  understand
the  necessity  of creating a working environment  and  career
structure within their companies that encourages talent at all
levels.

One  of our strengths in a competitive world characterised  by
the  complexities of cross-border trade and investment is  the
diverse mix of skills and experience we have across the Group.
From  company innovations such as the Dairy Farm Training  and
Recruitment   Centre  to  the  Group's  Director   Development
Initiative,  we have been reinforcing management  capabilities
to ensure that our people can both generate the ideas required
in an era of rapid change and control the resultant risks.

Direction of Resources
2000  was  a  year  in  which our focus on building  long-term
shareholder value was clearly demonstrated.  A number  of  our
non-core  businesses  were well sold,  including  Chubb  China
(acquired  by  our long-term partner) and Matheson  Financial.
Most notable, of course, was the sale of the Group's interests
in  Robert Fleming, in three decades turning a fledgling joint
venture  into  a  US$1.2 billion stake in a global  investment
bank.

The  decision  to apply much of the proceeds from  the  Robert
Fleming sale to a tender offer for Jardine Matheson shares was
one  of  a  series  of similar moves aimed  at  enhancing  the
efficiency  of  the Group's capital structure.  Hongkong  Land
repurchased  5% of its shares, also by way of a tender  offer,
and  Jardine  Strategic  improved  its  net  asset  value  and
earnings  per share through market repurchases of some  8%  of
its  capital.   In addition, the Group bought in the  minority
outside  shareholding in Jardine Motors Group,  while  Jardine
Strategic  increased its interests in all its  core  holdings.
By  year  end Jardine Strategic held 50% of Jardine  Matheson,
62%  of  Mandarin  Oriental, 60% of  Dairy  Farm  and  37%  of
Hongkong  Land,  and  Jardine Matheson  held  74%  of  Jardine
Strategic.

We  have also laid much greater emphasis on the importance  of
increasing  returns  on  capital  in  each  of  our  operating
businesses  through  the promotion of value-added  benchmarks.
This  is  showing  results, as evidenced by the  much-improved
return on shareholders' funds at Jardine Pacific, up  from  8% 
in 1999 to 16% in 2000.

With business conditions improving in Asia, albeit by no means
uniformly, we believe the steps taken to adjust the profile of
our  capital  structure will prove sound.  Our  net  debt  has
risen  as at 31st December 2000 to US$1,943 million, giving  a
consolidated  debt-to-equity ratio of 40%.  Our balance  sheet
remains  strong and is supported by robust cash flows both  in
our main affiliates and in our own operations.

Harnessing Technology
All  of  our  businesses  have  sought  ways  to  harness  new
technologies,  from  Hongkong Land, which  has  e-enabled  its
buildings  for  its tenants, to Jardine Logistics,  which  has
established  a  capability to provide supply chain  management
services  to  its clients.  Mandarin Oriental, in addition  to
offering high-speed connectivity in guestrooms, is introducing
an  on-line  reservation system that will steadily  raise  the
level of personal service it can give to guests.

Such  initiatives have used advances in technology to  enhance
our  existing  operations.   Where appropriate,  we  are  also
taking  full  advantage  of the internet  to  create  business
opportunities.  As examples, Jardine OneSolution  is  evolving
its  capability as a provider of fully integrated IT solutions
and  Jardine  Motors  Group is developing an  online  used-car
sales system through its Exlinea business in France.

The Future
The  global economic outlook remains unpredictable, with  much
depending  on  the  United States, which is  going  through  a
particularly uncertain phase.

As  in  2000, the bulk of any new investment by the  Group  is
likely  to  be  in Asia, where our activities  are  relatively
sensitive  to  the performance of domestic  markets.   In  the
early  export-led  stages of recovery from  the  recent  Asian
market  turmoil our consumer-oriented businesses have  derived
only modest benefit.  But in a lower interest rate environment
we expect consumer activity to rally and will continue to look
for acquisitions to complement our existing operations.

As  China  enters  the  World Trade  Organisation  our  strong
position both in Hong Kong and the Mainland should yield fresh
opportunities.  With longstanding relationships and  extensive
business  coverage, the Group is well placed to take advantage
of market liberalisation, particularly in the service sector.

In addition, those of our businesses - Jardine Motors Group, 
Jardine Lloyd  Thompson  and Mandarin Oriental - that already  
operate successfully  outside  Asia will be seeking  ways  to  
develop further in the United States and Europe.

While  expansion  of our core activities is our  priority  for
2001,  we  shall  be  giving equal emphasis  to  the  need  to
eliminate weaknesses, sometimes through disposals, more  often
by  managing  under-performing businesses back to satisfactory
levels  of  profitability.  Nor will we neglect opportunities,
if  they  arise, to increase our earnings and net  assets  per
share through stock market actions.

I  expect  2001 to be another year of progress and development
for  the Jardine Matheson Group.  I am confident that we  have
the structure, the people, the technology and the strategy  to
deliver  growing  long-term shareholder value  in  a  changing
world.


Percy Weatherall
Managing Director
27th February 2001


Operating Review

Jardine Pacific
Most  of Jardine Pacific's portfolio of businesses experienced
a  substantial  improvement  in  their  operating  environment
during 2000, which enabled the group's profit, excluding  non-
recurring items, to rise 73% to US$93 million.

Shareholders' funds stood at US$559 million at the end of  the
year,  a  reduction  of 11% following the  payment  of  US$160
million in dividends to the parent company. The return on  the
average  shareholders' funds, excluding  non-recurring  items,
improved to 16%, up from 8% in 1999. Net borrowings at the end
of the year stood at US$192 million, giving a gearing of 33%.

The following is summary financial information of the larger
businesses in this portfolio:

                              Net profit              
                              excluding
                         non-recurring items    Shareholders' funds
                              2000      1999        2000       1999
                              US$m      US$m        US$m       US$m
-------------------------------------------------------------------
Gammon Construction             15        12          66         57
HACTL                           16         8         107        106
IKEA                             6         -          12         12
Jardine Aviation Services        4         5          20         28
Jardine Engineering Corporation 15        17          60         89
Jardine OneSolution              8         8          90         76
Jardine Property Investment      6         7         166        178
Jardine Restaurants              8         4          18         32
Jardine Schindler                8         8          24         34
Jardine Shipping Services        7         5          10         13
Pacific Finance                  4         3          29         29
Other                            7         2          95        112
-------------------------------------------------------------------
                               104        79         697        766
Corporate                      (11)      (25)       (138)      (136)
-------------------------------------------------------------------
                                93        54         559        630

While  the  operating environment remains reasonably positive,
recent  signs  of  a  slow down in the  United States  could  
impact  the business climate in  Asia. Otherwise, the Jardine  
Pacific portfolio is set for another good year.

GAMMON CONSTRUCTION  did  well in 2000, with  most  operations
producing  improved  results  and  its  year-end  order   book
remaining  steady  at some US$930 million.   During  the  year
Skanska  was  welcomed  as  the new partner  in  the  business
following their acquisition of Kvaerner Construction.  JARDINE
ENGINEERING CORPORATION'S  sale of Chubb China  early  in  the
year  for  US$70  million  led  to  an  overall  fall  in  its
profitability.  Excluding Chubb, however, the profit from  the
business  increased, with the engineering products  businesses
in   Hong  Kong  and  the  Caterpillar  dealership  in  Taiwan
producing enhanced returns.

The new installation interests of JARDINE SCHINDLER did better
and  in  2000 had a 16% share of their main markets.  But  the
Malaysian manufacturing operation continued to perform  poorly
due   to  insufficient  through-put  of  both  elevators   and
escalators as a result of the reduced construction activity in
the region.

The  strong increase in cargo through-put at Hong Kong's  Chek
Lap  Kok  airport  enabled HACTL to achieve  a  much  improved
result.   Operational efficiencies continued to be  introduced
and  a  number  of  new  initiatives were  launched.   JARDINE
AVIATION SERVICES   improved the returns from  its  Hong  Kong
businesses,  but was impacted by start-up costs in  Australia.
JARDINE SHIPPING SERVICES, which includes the group's port and
liner  agency and ship management interests, had another  good
year benefiting from strong export flows from Asia.

During the year, JOS Technology Group was restructured and re-
launched  as  JARDINE ONESOLUTION   ('JOS')  as  part  of  its
strategy  to  become a leading provider of IT  and  e-enabling
solutions in East Asia.  Building on its Hong Kong base, where
it  is  already  a  market leader, JOS has  made  several  key
acquisitions giving the group a significant presence  in  both
the Malaysian and Singapore markets.

IKEA's  sales grew by 21% in Hong Kong, and there was a marked
improvement   in   profitability.   In  Taiwan,   sales   were
maintained   and   earnings   improved   slightly.     Jardine
Restaurants opened 15 new outlets during the year,  and  while
underlying  earnings were flat, there was an improvement  over
the  result for 1999 which had been reduced by charges for the
closure of certain Ruby Tuesday outlets.

PACIFIC FINANCE,  the  Hong Kong  consumer  finance  business,
benefited  from  a  reduced  level of  debt  provisioning  and
increased  its  loan  book by 7% to HK$3.6  billion.   Jardine
Property  Investment, comprising largely Hong Kong residential
properties,  saw the value of its portfolio fall slightly  but
maintained a net yield of 4%.

Jardine  Pacific's other interests accounted for some  7%   of
its  profit before overheads and finance costs.  These include
wines  and  spirits and Jardine Securicor, being  the  biggest
contributors,   and   Jardine  Logistics,  Colliers   Jardine,
Colliers   Halifax   in  Japan,  sugar   production   in   the
Philippines, Jakarta Land and interests in the Hong Kong port.

Central  overheads fell significantly due to  the  streamlined
management  structure and credits arising from  group  pension
schemes  and  deferred tax credits.  The central finance  cost
benefited  from the interest income on the proceeds  from  the
sale of Chubb.

Jardine Motors Group
Jardine  Motors  Group  achieved  a  net  profit  before  non-
recurring items of US$26 million, an increase of 21% over 1999.    
After charging  non-recurring items  associated,  principally,  
with   the   restructuring   of    its    UK    business,   an
overall  loss of US$37 million was recorded, compared  with  a
profit of US$14 million in 1999.  Revenues declined by  9%  to
US$2.6  billion, mainly as a result of the continued depressed
conditions in the United Kingdom and the  effect  of  business 
disposals  and closures in that market.

In  Hong  Kong,  Zung  Fu  produced  a  good  performance  and
increased  its share of the new passenger car market  to  near
record levels.  Margins also benefited from Euro weakness, and
costs  remained  under  tight control.   During  the  year  an
understanding was reached with DaimlerChrysler on  the  future
arrangements for the distribution of Mercedes-Benz vehicles in
Hong  Kong  and  Macau.   From  mid-2002  Mercedes-Benz  China
Limited   will  manage  the  wholesale  activities  in   those
territories,  while  Zung  Fu will continue  as  Mercedes-Benz
China  Limited's exclusive dealer.  The new arrangements  will
have a material adverse impact on group profitability.

The UK  motor  market  suffered  further  disruption  from the 
controversy over  new  car pricing.  This  has  had  a serious 
negative affect on  the  residual  values  of used cars within  
the  group's dealerships,  including those in  the Polar joint 
venture  with Ford,  and  within the contract hire operations.  
While  there has  been  some  recent improvement in sentiment,  
the  market remains extremely difficult.  In response, Jardine  
Motors Group  has embarked  on  further  cost  reduction  and   
loss elimination projects and has taken a  realistic view  of  
asset values. The  net  effect  of  these actions has been to 
produce  a significant loss for the UK operations.

Elsewhere,   the  group  achieved  mixed  results.    Its   US
operations   achieved  good  revenue  and   operating   margin
improvements,  but were affected by the costs  of  a  property
reorganisation.    Its   Indonesian  associate   produced   an
excellent  result  as the market came back strongly  in  2000.
The  group's  Indian  joint venture saw further  losses,  and,
while  the  operation and its principal product are  now  well
established, a charge has been made against the value  of  the
investment.

Jardine  Motors  Group  has consolidated  its  e-commerce  and
related  activities in France under a new subsidiary, Exlinea.
The  group  has  also  taken a stake in an  US-based  software
business, which is developing customer relationship management
products  for automobile dealers, and has started  a  software
business in India.

Jardine Lloyd Thompson
Jardine Lloyd Thompson produced another strong performance  in
2000 with profit before tax and exceptional items, based on UK
accounting standards, increasing by 10% to £69.6 million on  a
revenue  increase of 14% to £287 million.  This  was  achieved
through  a  combination of organic growth, the  benefits  from
recent  acquisitions, the early effects of hardening insurance
rates and continued control of costs.

JLT Risk Solutions again produced excellent revenue growth  of
16%  to  £136  million,  reflecting  strong  growth  from  all
business  units.  Corporate Risks achieved growth  of  24%  to
£75  million,  of  which  7%  related to   acquisitions,  and
Services  recorded growth of 16% to £75 million, of  which 10%
related to acquisitions.

During  the  year  considerable  progress  was  made  in   the
development  of  the group.  In the first  half  Capital  Risk
Group was formed, a partnership in  New  York between JLT Risk
Solutions  and the Blackstone Group.  JLT Risk Solutions  also
launched  a new risk financing and captive management practice
and,  in  August, acquired the Marine and  Energy  reinsurance
portfolio  of Bradstock Group, which further strengthened  its
reinsurance  business.  All these initiatives are  meeting  or
exceeding expectations.

In  May,  JLT Corporate Risks & Services acquired  Burke  Ford
Group, a UK retail and employee benefits broker, and this  was
augmented   by  the  purchase  in  November  of  the   pension
administration  and  consultancy division  of  Abbey  National
Group.    These  acquisitions  significantly  strengthen   the
group's presence in the UK corporate insurance market and also
give  it  a  leading  position in the  pension  administration
sector, which has excellent growth potential.

Good   progress  is  being  made  by  the  group's  e-commerce
initiatives,  JLT  InterActive in the United States  which  is  
developing applications  for  the  affinity  group market, and 
dotRisk   in  the  United  Kingdom  which  is   developing  an 
internet-based insurance exchange.

At  the  end of December JLT restructured its interest in  its
French  associate SIACI, reducing its holding from 37% to  31%
for a cash consideration of £25 million.

The   prospects  for  JLT  remain  promising,   reflecting   a
continuation  of  its underlying growth coupled  with  further
benefits   from  recent  acquisitions  and  harder   insurance
markets,  which are anticipated to continue at  least  through
the current year.

Jardine Strategic
Jardine  Strategic recorded a profit for 2000, excluding  non-
recurring  items, of US$102 million, a decrease  of  27%  from
1999.   An  improved  contribution from Jardine  Matheson  was
offset  by  the  losses recorded in Dairy Farm and  a  smaller
contribution  from Hongkong Land resulting  from  the  closing
phase of its negative rental reversion cycle.

The  overall  result  benefited from  the  exceptional  profit
arising  on  the  disposal of the Group's holdings  in  Robert
Fleming, partially offset by the company's US$74 million share
of  the charge made by Dairy Farm against the asset values  of
its  Australian supermarket chain.  After non-recurring items,
a  profit  of  US$535  million, or  USc63.94  per  share,  was
recorded, compared with US$157 million, or USc17.52 per share, 
in 1999.

Excluding non-recurring items, earnings per share declined 22%
to  USc12.21.  Net asset value per share, based on the  market
price  of the company's holdings, recorded an increase of  27%
to US$5.07 in 2000.

Jardine Strategic's earnings and net asset value per share were
enhanced in 2000 by a share repurchase programme, under  which
the  company  bought  back  8% of its  stock.   The  company's
attributable  interests  in  its core  investments  were  also
increased,  and  at  the  year end  it  held  50%  of  Jardine
Matheson, 62% of Mandarin Oriental, 60% of Dairy Farm,  37% of 
Hongkong Land and 26% of Cycle & Carriage.

In  line  with  the Group's strategy of increased  focus,  the
decision   was   taken  prior  to  the  year  end   that   the
shareholdings  in  Connaught Investors, held  45%  by  Jardine
Strategic,  45% by Hongkong Land and 10% by Jardine  Matheson,
should  be re-organised. Connaught Investors' stake  in  Nelfi
was  distributed pro rata to the shareholders, and its Jardine
Matheson shares were repurchased by the Company  at     market
price.   Jardine Strategic then acquired the interests of  its
fellow  shareholders  in Connaught Investors  for  the  market
value of the underlying investments, paying US$208 million  to
Hongkong Land and US$46 million to Jardine Matheson.

The trading environment for Edaran Otomobil Nasional, in which
the Group holds 19%, continued to improve, benefiting both its
motor and financial services businesses.   Tata Industries, in
which   the  Group  has  a  20%  interest,  is  the  principal
investment  vehicle  of the Tata Group  for  new  ventures  in
India.   Tata Industries' investments are mainly in the  areas
of telecommunications, property, financial services and auto-
components.

Dairy Farm
In  2000 Dairy Farm encountered the most challenging operating
conditions in Hong Kong and Australia.  In Hong Kong the  food
retail industry has been engaged in a deep and prolonged price
war,   which  has  proved  extremely  costly  to  all   market
participants.  In Australia the highly competitive environment
continued to intensify, with Franklins struggling to  maintain
market share and margin.

Conditions  were  at their most difficult in the  first  half,
when  Dairy  Farm  reported  a  loss  after  tax  and  before 
non-recurring items  of US$51 million.  Improvements  in Hong 
Kong and normal seasonal  trends led to a much reduced loss of  
US$14  million before  non-recurring items in the second half, 
giving a  loss for  the  whole  year  of  US$65  million.   In  
view   of   the  performance  issues  in  Franklins  an  asset 
impairment charge  of US$129 million has been made.

Recurring  EBITDA,  Dairy Farm's primary performance  measure,
fell  from  US$205 million to US$116 million, although  second
half  EBITDA  performance was much stronger  than  the  first.
Operating  cash flow generated in the second half  was  US$209
million, after an outflow of US$17 million in the first half.

Dairy  Farm's  prudent approach to financing has ensured  that
its  funding and liquidity position remains sound.  The  ratio
of   net  debt  to  shareholders'  funds  peaked  at  49%   at
30th  June 2000 and had reduced to 42% by the year  end.   The
group remains highly liquid with some US$400 million in short-
term bank deposits.

The   Hong  Kong  supermarket  operations  have  been  heavily
impacted  by  the price war, although there was a gradual  and
steady  improvement  in  margins.  The  Hong  Kong  market  is
expected  to  remain  challenging in view of  the  significant
expansion  in  food retail space over the last two  years  and
weak  consumer confidence, which will continue to put pressure
on margins.

In  Australia,  it  became  clear  that  the  cash  investment
required  to  continue  the Franklins  repositioning  strategy
would  be  significant.   As  a  consequence,  Dairy  Farm  is
undertaking a strategic review of the business, which will  be
concluded by early second quarter.

Dairy  Farm's  other  businesses all did well  in  2000,  with
particularly  strong performances in Southeast  Asia  and  New
Zealand.

The   principal  near-term  challenges  are  implementing  the
realignment  strategy  in Australia  and  continuing  to  meet
competitive  pressures  in Hong Kong.  Though  the  short-term
economic  outlook  for  Asia  is  mixed,  Dairy  Farm  remains
confident  of the region's  potential  for  significant growth
in the food,  convenience and health and beauty retail sectors, 
and particular emphasis will be placed on the key growth areas 
of Southeast Asia  and Southern China.

Hongkong Land
After  more than two years of decline, rentals in Hong  Kong's
Central business district recovered strongly in 2000, although
the  pace  of  that recovery moderated in the fourth  quarter.
Capital  values also increased, though they have yet fully  to
reflect  the  recovery  in  rentals.   Singapore  saw  a  more
moderate strengthening in commercial property values as rental
levels  rose.  Other markets where Hongkong Land  is  invested
were mixed.

The  group's  net profit for the year was US$355 million,  33%
higher  than 1999.  The major factor underlying this  increase
was  a  US$133 million write-back of provisions taken in  1998
against the value of development properties.  Excluding  these
and  other  non-recurring items, underlying earnings  fell  by
13%,   to   US$230  million,  as  negative  rental  reversions
continued  to reduce property income in the Hong Kong  Central
portfolio.    The  independent  valuation  of  the  investment
property portfolio led to a net surplus of US$1.8 billion.

In  November 2000, the company invited shareholders to  tender
shares for repurchase at prices up to US$2.20 per share.  Some
5%  of  shares were tendered and subsequently cancelled  at  a
cost of US$292 million.

Hongkong  Land  benefited  from its  focus  on  prime  Central
Business  District locations as those sectors  of  the  office
markets in Hong Kong and Singapore recovered more quickly than
decentralised   locations.   This  has   been   reflected   in
substantial increases in property values, and in increases  in
occupancy.   The  group's office occupancy in  Hong  Kong  and
Singapore   rose  to  98%,  and  its  retail   portfolio   was
effectively fully let. Its key Central portfolio in Hong  Kong
continued to benefit from refurbishment spending, and will  be
further enhanced in 2002 by the completion of its new property
at  11 Chater Road.  In the residential sector, the group will
commence  the  redevelopment of a site in Hong Kong's  Western
district late in 2001.

Hongkong   Land   has  also   developed  its   infrastructure
portfolio.   A  24%  stake was taken in  China  Infrastructure
Group,  a port business focused on Mainland China, and,  since
the  year end,  a  consortium in which Hongkong Land has a 30%
interest was awarded the right to build the logistics terminal
at Hong Kong's Chek Lap Kok airport.

Although the pace of recovery in rents in Hong Kong's Central
district has moderated, the lack of new supply of Grade A
space over the year ahead will continue to set a positive tone
to the market.  Rental reversions are expected to turn
positive in the middle of the year.

Mandarin Oriental
2000  has  been a significant year of development for Mandarin
Oriental,  during  which it made considerable progress towards
its  goal of being recognised as one of the top global  luxury
hotel groups.  The number of hotels operated by the group grew
from  12  to  20,  including a New York hotel currently  under
development.  Mandarin  Oriental  Hyde  Park  in  London   was
reopened in late May as one of London's most luxurious  hotels
following the completion of an extensive renovation programme.

The  profit  before interest and tax for the  year  was  US$53
million,  including the writeback of a US$4  million  property
provision,  an  increase  of US$11  million  from  1999.   The
increase includes the contribution of The Rafael Group  hotels
from  late  May.   As  a result of higher  financing  charges,
including  interest  on  the US$76 million  convertible  bonds
issued in March as part of a US$150 million rights issue,  the
net  profit was US$18 million, compared with US$17 million  in
the  previous year.  In addition to the property writeback  in
relation to the Singapore hotel, valuation increases of US$101
million,  principally on the group's two Hong Kong properties,
have been reflected in the balance sheet.

In  May,  Mandarin  Oriental acquired  The  Rafael  Group,  an
operator  of six distinctive luxury hotels.  The consideration
for the acquisition was US$143 million, which was financed out
of  proceeds from the rights issue.  In September,  the  group
signed an exclusive joint venture agreement with Indian Hotels
and  Health  Resorts  to  manage  and  develop  luxury  hotels
throughout  India, and the first property to open  under  this
joint  venture  is  Mandarin Oriental Ananda,  The  Himalayas.
Mandarin  Oriental,  Miami,  in which  the  group  has  a  25%
interest and a long-term management contract, opened  in  late
November  and  work is progressing on Mandarin  Oriental,  New
York, scheduled to open in late 2003.

The  group's strategy remains focused on positioning  Mandarin
Oriental  as  one of the world's leading luxury  hotel  brands
with  a  growing  presence in key international  destinations.
The  objective  is  to  increase the  number  of  rooms  under
operation to 10,000 from the current 7,000.

The  necessary  elements  for the  long-term  success  of  the
group's  expansion strategy are now firmly in place  with  the
integration of the Rafael hotels complete and the  London  and
Miami   properties  now  operational.   The  group  is   well-
positioned   for  2001  benefiting  from  both  the   expected
continuing recovery in room rates of the two Hong Kong  hotels
and a full-year contribution from the London property.

Cycle & Carriage
There  were significant developments  for the Cycle & Carriage
group during 2000. In March a 31% stake in PT Astra International,
one   of   the   largest   companies   in   Indonesia,   was
acquired as part of the group's strategic development plan.

Cycle  &  Carriage's profit for 2000, excluding  non-recurring
items, increased by 76% to S$173 million.  Earnings from motor
operations rose by 90%, with improvements in all markets,  and
particularly in Singapore where the market grew significantly.
Property  earnings  declined by 53% as the  highly  profitable
MeraWoods project was completed in 1999 and 60%-owned MCL Land
had  only  a  limited  number of projects  under  development.
Astra contributed      S$51 million at an operational level as
the Indonesian vehicle market rebounded strongly, but Cycle  &
Carriage's  share of unrealised exchange losses  arising  from
the impact of the weak Rupiah on Astra's high level of foreign
currency debt amounted to  S$84 million.  Overall  profit  for 
Cycle & Carriage declined by 11% to S$100 million.

The  Singapore motor operations will suffer from the  loss  of
the  Mercedes-Benz distributorship from January 2001, as  well
as  a  reduction in the quota for certificates of entitlement.
The  Malaysian  motor  interests  are,  however,  expected  to
benefit from increased local assembly activity.  In Australia,
the  expanded  Hyundai product range should stimulate  growth,
and  last  year's acquisition of 100% of Truck Investments  in
New Zealand will improve returns.  No significant recovery  is
expected  in the Singapore property market. MCL Land  proposes
to sell its two investment properties in Singapore in order to
focus on property development.

Cycle  &  Carriage  will have the benefit  of  a  full-year's
earnings from Astra in 2001, compared with eight months in 2000,
although the Indonesian car market is expected to slow as pent-
up   demand  has  been  satisfied.  The  continuing   economic
instability  in  Indonesia  will  also  expose  the  group  to
exchange losses if the Indonesian Rupiah weakens further.


More to follow

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