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Noble House is set in 1963. The tai-pan, Ian Dunross, struggles to rescue Struan's from the precarious financial position left by his predecessor. To do this, he seeks partnership with an American millionaire, while trying to ward off his arch-rival Quillan Gornt, who seeks to destroy Struan's once and for all. Meanwhile, Chinese communists, Taiwanese nationalists, and Soviet spies illegally vie for influence in Hong Kong while the British government seeks to prevent this. And nobody, it seems, can get anything done without enlisting the aid of Hong Kong's criminal underworld. Other obstacles include water shortages, landslides, bank runs and stock market crashes.

In Noble House, Dunross finds his company the target of a hostile takeover at a time when Struan's is desperately overextended. He is also embroiled in international espionage when he finds himself in possession of secret documents desperately desired by both the KGB and MI6. The novel follows Dunross' attempts to extricate himself from all this and to save Struan's, the Noble House.