The birth of the Hong Kong Island family
Chapter 232 [The real estate collapsed]
It’s summer vacation again.
On this day, in the conference room of Cheung Kong Industries, Lin Zhichao introduced to the people present: "This is Lin Xiner. She is interning in the project department of Miramar Hotel this summer. Manager Liang, please arrange it. The position will be that of an ordinary employee." !”
Cheung Kong established the 'Miramar Hotel' project department last year, and the manager is an internally trained real estate talent named Liang Guangchang. This project department will also be the management structure of Miramar Hotel Company in the future. Miramar Hotel Company, including Miramar Hotel and Miramar Shopping Center, will be an important subsidiary of Cheung Kong.
Miramar Hotel needs a professional hotel management team. Lin Zhichao plans to hire a Western hotel management team as a consultant (the fee is 4%~6%). He only needs to pay the consulting fee every year; of course, he will also cultivate a real management team. Recruit Chinese hotel management elites.
He believes that the Chinese can also do a good job in hotel management, but in order to do better, of course, they must learn from Western hotel management experience. Using the Miramar Hotel in Hong Kong, a large number of hotel management personnel within the group will be trained, which will lay a solid foundation for the establishment of Shangri-La Hotel in the future.
Liang Guangchang immediately said, "Okay!" Then he said to Lin Xiner, "Lin Xiner, welcome to the Miramar Hotel team."
Everyone understands that just by hearing the three names of 'Lin Xiner', one knows that she has a close relationship with Lin Zhichao. Judging by Lin Xiner's age, she must be Lin Zhichao's younger sister.
Lin Xiner quickly bowed, and said: "I would like to ask my bosses and colleagues to give me more advice! I am still a junior at the University of Southern California, and a senior in the second half of the year. My major is business management and marketing; so I don't understand many of them. Please bear with me and give me more instructions."
Everyone responded quickly, mostly with words of encouragement!
The boss doesn't avoid his sister's entry into the job, so she is definitely not here to run errands or do odd jobs for everyone, but to learn; everyone is a smart person and must be able to tell the difference.
Afterwards, Lin Zhichao announced the official start of the meeting, and Lin Xiner also found a seat to sit down, holding a pen and paper, feeling excited and nervous.
The content of the meeting was very simple. It was Lin Zhichao's requirements for the interior design of the hotel building.
The Miramar Hotel Tower is 15 stories high. The entire design was done by a professional hotel designer, but Lin Zhichao also participated in it and contributed his own ideas.
Lin Zhichao copied an idea and used the circular glass windows of the later Jardine Building, that is, the circular glass was embedded in the concrete wall as a window. The problem of easy detachment of the outer wall is also covered with metal.
For a long time, many rooms in the hotel can see the sea view. Therefore, as Lin Zhichao put forward each request, the cost also began to rise.
But Lin Zhichao doesn't care, even if the cost is as high as 40 million Hong Kong dollars, he will make the Miramar Hotel and shopping center a "classic". In the mid-1960s in the previous life, the construction cost of a nearly 600,000-square-foot shopping center in Harbor City was only 60 million Hong Kong dollars.
Therefore, if the cost of the Miramar Hotel is 40 million, it is already very high.
After all, he knows that hotels and shopping centers are very profitable. The Miramar Hotel was so "bad" in the previous life. It was listed for financing in 1972 and raised a full 150 million yuan, which is much more than the "Five Tigers of Real Estate". How many public stocks will be issued for listing (minimum 25%).
After listing, financing will be used to purchase land opposite Kimberly Road, which can be used for the redevelopment of the Miramar Hotel. As for the original site of the Miramar Hotel, in the late 1980s, it was supposed to be redeveloped into a combination of shopping malls and office buildings.
Because, with the relocation of the airport, the land area ratio is bound to increase, and a larger commercial area can be built by then.
If it weren't for the fact that the floor area could be increased significantly, there would be no need to spend huge sums of money on reconstruction.
At this time, the designed Miramar Hotel project, the floor area of the hotel building is 500,000 square feet (680 rooms), and the shopping mall is 280,000 square feet (180 shops).
There should be a 50% increase in floor space in the future!
That night.
When Lin Xiner returned home, she was immediately greeted by a crowd of greetings.
"Xin'er, did you bully you on your first day at work?"
"Xin'er, is it your first day at work?"
"Xin'er, are you used to your first day at work?"
Two sisters-in-law and a mother stepped forward to show concern.
Even some sensible nephews gathered around to express concern for their aunt.
Lin Xiner was so moved that she wanted to cry, but she already understood independence and responsibility, and immediately said: "Very good, everyone treats me very well! My brother directly introduced me to join the group at the meeting, and everyone understood my identity. He takes good care of me."
In fact, it's not all because everyone guessed Lin Xiner's identity, and the working atmosphere in his company is also good; and the project manager Liang Guangchang didn't treat him specially, and assigned Lin Xiner to a female employee; after all, he knew everything You have to rely on your work to speak for itself. The boss values their own strength and work status, and doesn't like to flatter.
Lin Zhichao said from the side: "Okay! It's just a summer internship, it's not a big deal!"
When I got home, Lin Xiner relaxed a bit in front of her brother, and said, "Brother, you should arrange to go in quietly, so that no one knows my identity. Also, there are no ordinary employees who go to work, and there are drivers who pick me up and drop me off." It makes sense, I can drive myself."
Lin Zhichao immediately said: "Come here, obey my arrangements! What you said is what boys should do. If you, a girl, pretend to be an ordinary person and enter the company, harassment from the opposite sex will be enough for you."
Lin Xiner could only obey immediately. Of course, she also understood that what her brother said made sense.
There are only one or two female employees in the Miramar Project Department, and the proportion of female employees in the entire Yangtze River Industrial Group is estimated to be only about 10%.
Afterwards, everyone continued to ask Lin Xiner about the situation she encountered at work today, and they were very concerned.
After all, Lin Xiner went to intern as an ordinary employee, while Tang Caiyun and Xu Caiying went to work in the company purely as the boss's wife, and their nature was different.
Lin Xiner also vividly told everyone that the overall sensory experience is very good!
Another half month passed.
On this day, Li Kangjie hurried to the law firm where he cooperated.
"Lawyer Guan, why haven't we paid our installment this month?"
Lawyer Guan Zuyao (British) immediately said seriously: "Mr. Li, many owners who bought your house came to our law firm to express their worries, worried that the residential building would not be completed as scheduled. Therefore, we considered the interests of the buyers and froze the purchase price. According to our investigation, the funds collected from the properties you sold are enough for you to complete the project."
Li Kangjie was shocked and said quickly: "Lawyer Guan, this is not how it works. If you freeze the buyer's money and pay it to us, our company will be in big trouble."
Guan Zuyao is a lawyer who adheres to laws and principles very much. He said directly and seriously: "Mr. Li, we are the buyer's lawyers and we are responsible for the buyer. They are worried that you will use the money to invest in other real estate, so they launched an attack on us. Complaints, so we must consider their rights and interests. And I need to tell you that you must complete the properties that have been sold, otherwise you will become the defendant."
Seeing that the lawyer was unable to make any progress and insisted on completing the sale of the property in order to obtain subsequent funds, Li Kangjie was suddenly struck like a thunderbolt.
In recent times, land prices and house prices have been falling. Some of the original owners of the land asked him to pay the remaining balance as soon as possible. On the other hand, it was difficult to sell a single unit of the house. Grand United Real Estate Company was already in a difficult situation without funds.
The verge of bankruptcy!
This thought came to his mind, and he suddenly shuddered.
Originally, if the installment funds here were paid to United Real Estate, it could survive for a while; but now, there is really no way.
Back at United Real Estate, He Xian was waiting anxiously.
"How about it, why hasn't the law firm sent us funds yet?"
Li Kangjie said numbly: "Lawyer Guan Zuyao said, so they have to temporarily freeze our funds until the house is successfully handed over before they can pay us."
He Xian was shocked and said, "Without funds, how can we complete the project under construction?"
Li Kangjie said: "What he means is that the funds given are enough to build the previous projects under construction!"
He Xian understands, because Dalian has used the funds from the previous property to purchase a new site, so the law firm will not care about you so much; and the new property has almost only paid off the down payment for one land, or paid back It didn't sell, or it never did.
"This is how to do?"
Li Kangjie glanced at the anxious He Xian and suddenly had an idea. He said, "He Sheng, you have a good relationship with Hang Seng Bank. Can you borrow another loan from them? Let's stabilize the company first."
He Xian suddenly said angrily: "Don't think about it! Now that Hang Seng Bank is urging me to pay back the money, how could it be possible to lend it to me!"
Li Kangjie said without giving up: "No way, He Tian from Hang Seng Bank is your brother, and He Shanheng is your friend for many years."
He Xian immediately said: "So what? Now all the banks are worried that they will not be able to protect themselves. Hang Seng Bank has loaned so much to real estate companies. They are anxious to death now. If the money cannot be recovered, the decades of hard work of their brothers will be ruined." Yu once. Not to mention the brothers, even the parents will pay back the money immediately."
He Shanheng was indeed urging He Xian to repay the money. Hang Seng Bank finally switched to 'banking business'. It has not been a few years since this happened, and several founders were anxious to death.
He Xian then complained: "I regret that I listened to Lin Sheng's advice and signed so many guarantees! Li Sheng, hurry up and find a way. You dragged me into the water and made me miserable!"
Li Kangjie trembled suddenly, He Xian's face had become unusual, obviously very angry.
He could only comfort him: "Don't worry, He Sheng! With the value of our assets, how could our Grand United Company still be insolvent? Think about it. Even if the assets in our hands depreciate a little, they will definitely be insolvent." Gotta make money!”
At this time, the land price and housing price outside have probably fallen by about 20%, and they have not yet collapsed.
He Xian breathed a sigh of relief, and then said: "Then hurry up and find a way to guess correctly!"
It can only be like this, he is from Omen, and he doesn't know that real estate in Hong Kong is still so risky. If I knew this earlier, I would never set foot in Hong Kong.
The funds he guaranteed this time were more than 20 million yuan. If it was really a full compensation, it would be enough for him to return to the front of the street.
at the same time.
The same situation also happened to Chen Detai. Many of his sites were purchased with a 10% deposit, and the land price was not paid in full.
Since the property cannot be sold in advance (the amount of investment is not enough, you need to invest the entire land fee, plus one-third of the construction fee), so a single unit cannot be sold, and naturally you will not be able to receive money, even the land fee. If the payment cannot be made, the original owner even began to threaten to take back the land.
Many small and medium-sized real estate companies also encountered the situation of Chen Detai and Li Kangjie, so this time many real estate people were eliminated.
Land and property prices in Hong Kong are already falling, and no one knows to what extent they will fall. The real reason for the decline is that supply exceeds demand. As more and more buildings are completed, prices will naturally fall.
Every day when the neon lights first come on, Wan Chai kicks off a fun party. From Fenwick Street to Jaffe Road and Lockhart Road, various 'topless' bars, discos and nightclubs are bustling with entertainment and entertainment.
It has always been an ideal place for local rich people and foreign tourists to have fun and get drunk, and it is also a gentle hometown for sailors to linger when British and American ships come to Hong Kong for supplies.
This year, the British writer Richard Mason created the novel "The World of Suzie Wong", which tells the story of a British painter who came to Hong Kong and met a woman named "Suzie Wong". Opening it one by one, from a reserved and shy rich lady, to a Wan Chai bar girl who fell into prominence, and finally became a single mother in a tragic world.
In the early 1960s, this novel was made into a movie and became popular in Europe and America. The heroine's graceful figure in a cheongsam and the image of an oriental woman with long hair shawl, coupled with her kind-hearted character, have deeply penetrated the hearts of Western movie fans.
The successive success of the novel, movie, and musical of "Suzie Wong's World" will set off "Hong Kong fever" in the Western world.
At present, the number of tourists visiting Hong Kong has not exceeded 100,000, but the Hong Kong government is preparing for the semi-official organization "Hong Kong Tourist Association", which is expected to be established soon. This is also in response to the increasing number of tourists visiting Hong Kong. It is expected that the number of tourists visiting Hong Kong next year (1958) will exceed 100,000.
Hong Kong's tourism industry is the cornerstone of Hong Kong's economy and can drive the development of Hong Kong's products, hotels, trade and other industries.
On this day, Lin Zhichao and a few real estate friends came to the Liuguo Hotel on the coast of Wanchai for dinner. Li Gaofu, Liao Baoshan, and Airship Tai attended the dinner. In the real estate circle, these are the only people who are familiar with Lin Zhichao, and the rest are just acquaintances with little contact.
Several people asked for a box, then ordered food and drank.
During the meeting, everyone inevitably talked about the real estate situation in Hong Kong at this time.
Liao Baoshan was the first to bring up the topic: "Large real estate developers like Li Kangjie and Chen Detai are in trouble, and I don't know how many small and medium real estate developers have also lost their funds because they can't 'sell off-the-plan properties'."
There are more than two unlucky ones, there are also many who have just entered the real estate industry and have one or two real estate properties under their umbrella, which are waiting to be sold off-plan, and they have also encountered trouble.
Flying Tai also said: "The problem now is not only the restriction on 'off-the-plan properties', but also the decline in property and land prices. Even if it is possible to sell off-the-plan properties, they have to be able to sell them at an affordable price. Li Kangjie and Chen Detai are both The development was too fast, which led to troubles. Fortunately, I developed real estate earlier, and the money I earned earlier can fill the projects in hand."
When Lin Zhichao was selling off-the-plan properties, he had already thought of "public housing leases". Therefore, Lin Zhichao sold off-the-plan properties in August, and he followed suit in September, more than a month ahead of Li Gaofu.
As for Li Kangjie, Chen Detai and others, they all entered this industry in early 1956.
Li Gaofu also introduced: "The money I earned earlier was also posted on the land of the new project. Fortunately, I didn't rush into it."
In fact, he spent 4.2 million yuan to acquire a piece of land in March, and the unit price was 175 Hong Kong dollars per square foot, which was very expensive. In addition, the two properties purchased at the end of last year were almost never sold; therefore, Li Gaofu also suffered a lot of losses. It can only be said that it will not affect the entire company and the construction of the commercial building.
The three looked at Lin Zhichao, but they knew that Lin Zhichao seemed to have expected this to happen.
Lin Zhichao said with a smile: "Our real estate developers have exaggerated Hong Kong's housing demand and deceived the public, but they should not also deceive themselves. In this wave of real estate boom, think about how many residential units have been completed, and there are still more to be completed later. Hong Kong is really Are there so many needs?”
The three of them nodded immediately, although they also belonged to hindsight.
Liao Baoshan said: "Although the supply of real estate exceeds demand temporarily, in the long run, the prospect of real estate is still there. As long as we can afford it!"
These are the consensus of real estate developers. Although this time is a crisis, not many people are actually eliminated; Li Kangjie fell silent in the later period, but although Chen Detai was in big trouble, the Dachang Real Estate he later founded can be regarded as the predecessor of the early 1970s. A big real estate company is not inferior to the existence of the five real estate tigers.
Because the sharp drop in real estate this time was purely internal, and was neither affected by international events nor hit by political events.
Lin Zhichao said with a smile: "Of course you, Liao Sheng, can afford it. You have plenty of money."
Although the words did not explain it, everyone knew it.
Liao Baoshan counterattacked: "You, Lin Sheng, have almost collected all the money, and of course you have plenty of funds."
Lin Zhichao said: "Haha, no way! Recently the law firm is also preparing to freeze our installment payment funds, and the funds are also tight." His words were half false and half true. The law firm did intend to freeze, but after seeing the financial strength of Changjiang Real Estate, I don't think it's necessary.
Liao Baoshan said: "Those gangsters really accept death. Will Lin Sheng be short of money? Really!"
Everyone laughed.
Although Lin Zhichao did not open a bank, his relationship with the bank would not be short of money.
After dinner, everyone did not go to entertainment venues. After all, as Lin Zhichao, it would be very inappropriate to go to entertainment venues; the same was true for Liao Baoshan, Feipingtai, Li Gaofu and others.
If people want to have fun, they usually go to private clubs.
Walking out of the Liuguo Hotel, a dozen young and beautiful women in cheongsam were like hungry wolves, ready to come forward to solicit customers.
Although the Six Nations Hotel is a high-end hotel in Wan Chai, it has two characteristics: there are many thieves and many solicitors.
Women from nearby romantic places like to come here to solicit customers, because most of them are rich.
"Blessed are you!" Lin Zhichao joked, and then walked towards his Rolls-Royce under the cover of bodyguards.
Liao Baoshan, Feipingtai, and Li Gaofu, with only the driver, seemed a little helpless.
Liao Baoshan had an idea and said from several women: "The big fish have run away, why are you still standing here?"
As soon as he finished speaking, several women turned around and chased Lin Zhichao's car.
Unfortunately, the car has already started.
Several women were feeling disappointed. The window of the Rolls-Royce opened, a wad of money stuck out, and everyone crowded in.
"It's 100 Hong Kong dollars per person, you share one for me, and the rest is all yours." Lin Zhichao said to the first woman who grabbed the money.
This woman looks like an old Fengchen at first glance, with sharp eyes and quick hands!
But what she said next almost made Lin Zhichao vomit blood: "Boss, do you want to book a hotel tonight? Go to that hotel, we will be there on time."
Both young and rich!
"No need! This is what I give to you." Lin Zhichao then decisively rolled up the window and ordered the driver to drive.
In fact, the bodyguards had already gotten out of the car at this time and were wary of several prostitutes.
After Lin Zhichao's Rolls-Royce left, the bodyguard also got into the Ford and followed him.
"Big boss!"
"What a handsome boss!"
In the midst of a farewell, the prostitutes finally came to share their money. Not far away, Liao Baoshan and others were stunned.
As everyone knows, Lin Zhichao regretted it so much in the car that he would never come to the Six Nations Hotel next time.
It's not that he's heartbroken about the little money, but that if it were published in the newspaper, "Typo Lin handed out money to prostitutes on the streets," the public would definitely be thinking about it.
Of course, there are no reporters today!
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