Started from Hong Kong Island

Chapter 394 392 [Real Estate Adjustment]

In order to better manage Rediffusion Television, Li Wendi and Li Jiacheng renamed Rediffusion Television as Asia Television and established Asia Television Limited. Li Wendi and Li Jiacheng each held 50% of the shares, but Li Jiacheng became the chairman of the company, while Li Wendi served as executive director, responsible for the daily management of the television station.

Run Run Shaw called Li Wendi and vaguely mentioned the competition between the two TV stations, saying that TVB would not show mercy because of Li Wendi's identity as the chairman of TVB.

Of course Li Wendi would not give in and let Run Run Shaw take over.

In fact, the competition between the two TV stations is seen by outsiders as a fight between Li Wendi's left and right hands, and the only one who will suffer the loss is Li Wendi himself.

Li Wendi didn't care about this at all. This was not a question of interests, but a question of social status and the power of public opinion. He didn't care about money that much.

Since the outbreak of the Iran-Iraq War in 80, oil prices have begun to soar. Oil exporting countries have reduced oil production, resulting in little business for oil tankers and the shipping industry has entered a cold winter season.

The current oil shortage has affected many industries, among which the shipping industry's costs have begun to soar, but there is not much business to do.

Fortunately, Li Wendi had already ordered the shipping company, Wheelock Shipping and United Enterprises to sell most of their ships. Now the tonnage of ships of these three companies is about 110 million tons, of which Wheelock and United Enterprises account for about 90%. Li Wendi's private shipping company only has 10.8 tons of ships left, and it is still operating the business of its subsidiaries.

Without John Madden's meddling, Wheelock's operating conditions have gradually improved, and it has recovered 9% of its peak strength. It has also made its mark in the department store industry. Especially since the acquisition of Daimaru Department Store, Dahsing Department Store has also regained vitality and is on track to defeat Japanese department stores.

At this time, the market value of Cheung Kong Group has exceeded 100 billion yuan, and the market value of Wheelock Holdings has also exceeded 65 billion yuan, ranking after Hutchison Whampoa and also among the top ten conglomerates in Hong Kong.

There are rumors that Li Wendi's net worth has surpassed that of the ship charter king, making him the new richest Chinese in Hong Kong. What is even more surprising and interesting is that Li Wendi is only 31 years old, extremely young. It seems that he may become the richest Chinese in the world, or even the richest man in the world.

It is now mid-July.

Black & Decker Properties announced the sale of the first phase of residential buildings in City One, Shatin New Town, with a total of 7 buildings available, providing 1008 units to the public.

Once the news was announced, a large number of real estate companies began to flock to the sales office of Baide Real Estate Company, and the seven residential buildings were sold out within one day, shocking the outside world.

Seeing that the residential units in Shatin First City were so popular, the person in charge, Li Zhaoji, took the opportunity to launch 7 more residential buildings, hoping to make more money while the market was hot.

However, the reality went against one's wishes. Due to the excessive supply, the properties started to be unsold on the third day. The developer's sales difficulty increased exponentially and the resistance was very great, forming an extremely huge resistance, resulting in a loss.

Fortunately, the first seven buildings have all been sold, and nearly half of the next seven buildings have also been sold. Baide Real Estate Company did not gain nothing, but just did not get the profit as originally budgeted.

At the same time, the consortium formed by Cheung Kong Group and Hang Lung Group won the Sheung Wan MTR station development project for HK$7.8 million, while the Sai Ying Pun MTR station was also won by Hang Lung Company and New World Development Company at a price of HK$4.9 million.

Huang Qingshan, head of the Hong Kong Huarun Group in the meeting room of the Weicheng Company in Kowloon City, said solemnly, "We have reached an agreement with the Hong Kong government. The Hong Kong government has taken back 22.58 hectares of land in Tin Shui Wai, Yuen Long for HK$488 billion. However, after negotiations, the Hong Kong government is willing to return the best 48 hectares of land in Tin Shui Wai to us so that we can build a large housing estate."

Li Jiacheng said, "There is nothing we can do about this! The Hong Kong government has issued a direct order and we have no way to resist."

Li Wendi said calmly, "It may be a good thing. After all, we have the start-up capital for a large housing estate, and we don't have to worry about the traffic problem in Tin Shui Wai."

"Mr. Wendi, this is not the same concept. Building a new town and a large housing estate are completely different. If it is a new town, Weicheng Company can become one of the top real estate companies in Hong Kong, and our profit cannot be less than 300 billion yuan." Huang Qingshan said bitterly. If he could complete this project, he could return to the mainland and become a senior executive of the Huarun Group headquarters, or even one of the people in power.

“Now that it has been lost, what we should consider is what comes next. The Hong Kong government’s recovery of this land is undoubtedly a signal of land adjustment. The traffic problem in Tin Shui Wai is no longer something we can interfere with. I suggest that the current projects in Tin Shui Wai be temporarily shelved and wait for the Hong Kong government to re-plan the new town of Tin Shui Wai.” Li Wendi said.

Li Jiacheng thought for a moment and said, "I agree with Mr. Li's suggestion. Now is not the right time to develop the large housing estate in Tin Shui Wai."

Huang Qingshan was still thinking about doing it reluctantly and coercing the two real estate tycoons in front of him, but unfortunately they had already spoken first, and he was also worried about incurring large losses and not being able to explain to the headquarters.

Huang Qingshan nodded dejectedly and said, "Let's put this project on hold for now. As for when to start it, you two should wait for my news."

Li Wendi and Li Jiacheng nodded. Huarun Group was the actual controller of Weicheng Company. Of course, these two people did not want to seize power.

A week later, the Hong Kong government announced that it had negotiated with Bank of China to acquire the Murray Road car park in Central for HK$10 billion.

When the news came out, the market was shocked, and the actual land prices showed that real estate adjustments were inevitable.

However, some projects will not be affected, such as the land at Cotton Tree Drive in Central. Once the subway company announced the bidding news, many powerful real estate companies participated, including American and Japanese consortiums.

The consortium formed by Cheung Kong Group and Hang Lung Group of course actively participated and finally won the 4.8 square feet of land for 1.3 million yuan, with a price of more than 2.6 yuan per square foot, setting a new record for land prices in Central District.

Li Wendi and Chen Zengxi don’t think it’s expensive. After it’s built, it will still be priceless and will still be a commercial building in Central that is in short supply.

It is of even greater significance to the Cheung Kong Group, which has always been catching up with the Hong Kong Land Development and even wants to seize the title of landlord in Central from the Hong Kong Land Development.

Therefore, such a good project is not comparable to money.

Li Wendi and Chen Zengxi immediately arranged for an architectural designer to conduct an on-site inspection of the land and asked the designer to produce the design drawings as soon as possible as they did not have much time left during the construction period.

(End of this chapter)