I Want To Be a Rich Man on Hong Kong Island

  Chapter 666 [Caught in the net]

  In early November,

  Hong Kong’s stock market has completely collapsed. After more than a month of plummeting, it has fallen to 860 points;

  Know that the highest record of the Hang Seng Index at the beginning of the year was 1900 points, and the highest record at the end of 1981 was 2300 points;

  The collapse of the stock market heralded the collapse of the entire industry. Banks tightened money and land and property prices plummeted.

  The real estate market collapsed, and the first thing to bear was the land price. At this time, land prices in Hong Kong generally fell by 50% to 60%;

  The biggest decline was in industrial land and high-end residential land. The selling price of industrial land in Kowloon Bay fell from the level of 360 Hong Kong dollars per square foot in early 1981 to only 35 Hong Kong dollars per square foot;

  The high-end residential land along South Bay Road on Hong Kong Island has dropped from the highest level of 1,500 Hong Kong dollars per square foot in early 1981 to only 650 Hong Kong dollars per square foot.

  The fall in land prices also led to a sharp drop in property prices and rents;

  Property prices have fallen by more than 30%. For example, residential property prices in North Point have fallen from the highest price of 1,300 Hong Kong dollars per square foot in mid-1981 to 850 Hong Kong dollars per square foot;

The rent decline was the smallest, but it was as high as 20% to 25%. Take the Grade A office building in Central District as an example. In mid-1981, the rent per square foot was about 32 Hong Kong dollars per square foot. ).

  Yida Group.

  Zhong Zhengwen paced back and forth in the office, his face covered with sorrow.

  Banks tightened loans, land and property prices plummeted;

  The mainstay of the Carrian Group is real estate, and the Carrian Group, which is supported by loans, is undoubtedly a noose at this time.

  In the Hong Kong business community, no one knows that Yida Group and Carrian Group are twin brothers. They have cooperated with Chen Songqing many times, and they have been fighting fiercely.

   "No! Yida Group liquidation and bankruptcy is only a matter of time. At that time, with such high debt and guarantee, I am definitely the **** of death. For the current plan, I have to leave Hong Kong to talk." Zhong Zhengwen said cruelly.

  The so-called cruelty, of course, is to leave a person to look after the company, otherwise if the situation improves, wouldn’t it be ignorant;

  So, Zhong Zhengwen decided to keep his son in Hong Kong to look after the company.

   Just do what you say, and Zhong Zhengwen starts to get busy;

   "Boom boom!"

  The knock on the door sounded, and the file in Zhong Zhengwen's hand fell to the ground with fright.

"Who?"

  No one answered, but the door of the office was opened. It was officials from the Hong Kong Securities Regulatory Commission and a few plainclothes police officers who walked in.

   "Mr. Zhong, we have a case here and we need your cooperation in the investigation!" The CSRC official said in a serious tone.

  There is no way not to be serious, because this case involves too much, and the amount involved is as high as several billion Hong Kong dollars.

   "What case needs me to investigate, you can find my lawyer, I am busy now!" Zhong Zhengwen pretended to be calm and said.

  If it is a general case, Zhong Zhengwen said that Hong Kong law enforcement officers will not continue to enforce enforcement;

  But this matter is of great importance. The person above requested that he must bring the text of Zhong to return to the police station to assist in the investigation and restrict the situation.

  The end result is that Zhong Zhengwen can only be taken away by someone, and his face is ashamed!

When    and Zhong Zhengwen were under the control of the Hong Kong police, the Hong Kong media began to report some things about Chen Qingsong:

   "The Golden Gate Building has not been sold so far!"

  "Carrian Group has debts of more than 6 billion Hong Kong dollars!"

   "The fund owner behind Carrian Group is Yumin Finance, a Malay secondary banking institution!"

   "The biggest soap bubble in history!"

   "A big boss who brags about the background!"

  A series of negative news came to Caring Group and Chen Songqing;

  At the same time, Hong Kong’s stock market and real estate plunged again.

  The Hong Kong police also began a comprehensive search of the Carrian Group headquarters, the financial companies of Carrian Group’s financial advisory HSBC, the legal advisory firm, and the private residences of related personnel;

  At the same time, the China Securities Regulatory Commission will suspend trading in related listed companies of the Carrian Group, waiting for the verdict.

  Chen Songqing never dreamed that he was eventually defeated by the media;

  You must know that at the beginning, the media in Hong Kong took themselves to the forefront.

  At this time, Hong Kong stockholders also woke up like a dream, and began to curse Chen Songqing as Hong Kong’s number one thousand, while complaining about irresponsible flattery;

  However, there are still people who believe that Chen Songqing’s overseas government background said that he did not know that the **** government of that hapless country sent a wine pouch like Chen Songqing to Hong Kong to spread money;

  Some people even believe that overseas governments will not die and the Carrian Group can hope to regain its glory.

  With the collapse of the real estate market, the first among them are those real estate companies that adopt aggressive investment strategies, including emerging real estate companies such as Hang Lung and Great Eagle, as well as the land of established real estate companies;

  Some real estate companies have suffered devastating blows. Among them, it is beneficial to large groups, Carnival Group, and Carnival Real Estate.

  Needless to say, the Land Company started to venture in the second half of 1980. In just two years, it has finalized and invested in 70 real estate projects, with assets and liabilities as high as about 18 billion Hong Kong dollars;

  Due to the collapse in real estate, Sino-British negotiations have reached a deadlock. Land is expected to lose 3 billion Hong Kong dollars in the Miramar Old Wing Project, the Baibi Mountain Villas Project, and the sixth large-scale housing estate project in Tin Shui Wai.

Hang Lung Company led three consortiums in the first half of 1981 and won the right to develop the properties above nine subway stations along the Hong Kong Island MTR line. At that time, the real estate was at a peak, and the approval of such large projects was cumbersome, and the entire project was delayed. Not approved

  As the real estate plummeted, Hang Lung began to pay a huge price for its risky advancement;

  At this time, among the 9 subway stations that Hang Lung has won, the Hongmian Building on Murray Road in the Central District has been completed, and the construction of the Fragrant Hill Building on the second section of Admiralty is being planned;

  Xiangshan Building covers an area of ​​69,000 square feet, and the total floor area is expected to reach 1.05 million square feet;

  However, according to the requirements of the Hong Kong government, a land price of 1.85 billion Hong Kong dollars needs to be paid, and the deadline is 28 days.

  Real estate plummeted, Hang Lung proposed to the Hong Kong government to reduce the land price to 1.4 billion Hong Kong dollars, but it was not accepted;

  At the same time, the Bank of Japan, which originally expected to sign a loan of 1.5 billion Hong Kong dollars with Hang Lung, also temporarily withdrew its commitment;

   Under the double blow, the consortium formed by Hang Lung faced the dissolution of the group and the loss of 400 million Hong Kong dollars for the ‘deposit’ (deposit).

  Unlucky also is Yingjun. The founder of Yingjun Real Estate is called Luo Yingshi. He has four sons, and each son can stand alone. Gu has the saying of ‘five masters in one family’;

   But this time Luo Yingshi missed his eyes and miscalculated the situation of Hong Kong's real estate;

  At the peak of real estate, Great Eagle invested in Regal Hotel, built a hotel in Tsim Sha Tsui East, and acquired Bailibao Company;

  It is conservatively estimated that Great Eagle Real Estate will suffer a loss of 2 billion Hong Kong dollars.

  But Wu Guangyao heard that Chen Qingsong had been taken to prison by the Hong Kong government, and couldn't help but laugh a few times;

  Of course, Chen Qingsong is not already convicted, and a judge needs to be tried;

  But what is certain is that in this life, Chen Songqing's prison is indispensable.

  Because the person in charge of Yumin Finance was not killed by Chen Songqing, and Chen Songqing’s comrades were controlled together;

  Of course, Chen Songqing’s crimes will not be sentenced to several years, because he never admitted that he has an overseas background, everything was created by the media.

  (End of this chapter)