Started from Hong Kong Island

Chapter 409 407 [Huge Impact]

Saturday, June 82, 12

An article titled "Jianing Group is a big debtor" was published in the Oriental Daily newspaper, which described in detail the debt situation of the Jianing Group. The entire group has a debt of about 60 billion yuan, of which Jianing Real Estate Company has a debt of about 33 billion yuan.

In fact, the debt of the Carrian Group is far less than this figure. According to Li Wendi, if you calculate carefully, the debt of the Carrian Group is close to 80 billion yuan, making it the second largest debtor in Hong Kong after the Hong Kong Land Development.

As soon as this article came out, the whole of Hong Kong was in an uproar. Those shareholders who still held out a glimmer of hope for the Jianing Group and Chen Songqing hurriedly sold their stocks, fearing that they would be late for even a second.

Then the Sing Tao Daily revealed that the transaction of the Golden Gate Building, which had the highest profit in the past and set the record for the highest transaction amount for a single property since the founding of Hong Kong, has actually not yet been completed.

What Li Wendi couldn't understand was that there were still die-hard fans of the Jianing Group and Chen Songqing who believed that Chen Songqing had an overseas background and that the overseas government would not sit idly by and watch them perish, after all, they had already invested tens of billions of yuan.

The two reports gave the Swire Properties a cold sweat. Bao Fuda threw down the newspaper and drove to the Golden Gate Building to visit Chen Songqing.

The two companies have cooperated on the land of the old wing of Miramar Hotel worth 28 billion yuan. Once something happens to the Carrian Group, how can the Hong Kong Land, as the debtor of Hong Kong, bear the cost of this huge project requiring tens of billions of yuan on its own?

However, Chen Songqing avoided Bao Fuda, so Bao Fuda had to return home disappointed.

Landmark Company Taipan Office

Newby sat in the chair without saying a word. He had realized that the day of his resignation was approaching. If the loss of Wharf Holdings was inevitable, he could use the Keswick family to block it. However, now he had to bear the blame alone, and Bao Fuda could only bear a small part of the responsibility.

"Boss!" Bao Fuda pulled out a chair and sat down, his tone and expression unable to conceal his frustration.

"Have you seen Chen Songqing?" asked Niu Bijian.

Bao Fuda shook his head. "Chen Songqing doesn't dare to see me. It seems that those things are true. The old wing project of Miramar Hotel will be aborted. We will lose about 5 million yuan."

Newby sighed and said, “5 million is a small matter. What’s important is how we can solve the 150 billion debt problem of the Landmark Company.”

Bao Fuda remained silent. Given the current environment in Hong Kong, it would be difficult for anyone to reverse the situation, especially a real estate company like Jardine Matheson.

"My friend in London told me that the Keswick family has held a family meeting and passed a resolution to send Simon Keswick back to Hong Kong to be held accountable and serve as a director of Jardine Matheson." Newby said with rapid breathing, his face full of pain.

Both of them knew that their leaving Jardine Matheson and Land Development was inevitable, it was just a matter of time.

Bao Fuda looked stupefied. If they hadn't acquired those commercial buildings in Central, they would still have some room to maneuver. It was all Li Wendi and Changxin Group's fault. Could it be that Li Wendi had guessed the situation today? !
"Then let's wait for Simon Keswick to come and deal with these problems." Bao Fuda was exhausted and wanted to give up.

"President Bao Fuda, maybe we can't do this yet. Mr. Henry (Simon's brother) has called me and asked us to do our best to deal with the matters of Jardine Matheson and Land Development. The Keswick family will not treat us unfairly, otherwise we may be in trouble." Newby said dejectedly.

Bao Fuda pondered and said, "We should do our best. The most important thing is to stabilize HSBC. As long as HSBC does not make a statement, we will not have any problems for the time being."

"Okay, then let's go find Shen Bi together and talk about what to do next." Niu Bijian stood up and walked towards the door, his back looking a little gloomy.

A few days later, news came from Hang Lung Bank that the board of directors had approved the conditions and the two parties signed the contract that day.

Zhuang Rongkun of Hang Lung Bank immediately held a press conference to announce that Li Wendi's family's Junfu Jewelry Company had acquired 2000% of the shares of Xie Liyuan Gold Shop for RMB 51 million, and at the same time assumed Xie Liyuan Gold Shop's RMB 4.3 million debt.

As soon as the news came out, the number of citizens running on the banks decreased, and Standard Chartered Bank also accelerated its review procedures for Hang Lung Bank. However, the 10 billion yuan of bad debts were still discovered, so Standard Chartered Bank began a long period of consideration again.

After completing the formalities for Junfu Jewelry to acquire a 51% stake in Xie Liyuan Gold Shop, Li Wendi immediately took a large number of employees to take over Xie Liyuan Gold Shop Company.

After checking the accounts, it was found that all the gold reserves had been used up. There were only one batch of gold jewelry left in the store, and the gold jewelry was reserved by some debtors. All the money collected belonged to them.

Li Wendi was very calm. Although it was a little unexpected, it was not impossible to save the situation. "Vice President Hu, you should immediately sign an agreement with Xie Liyuan Gold Shop and mobilize a batch of gold from Junfu Jewelry Company. It only needs to be worth 2000 million yuan, calculated according to the current market price."

"After the gold jewelry is made, it is sold in the store at 120% of the market price. There is no rush to return the funds, and then purchase gold from Junfu Jewelry Company."

"And Junfu Jewelry's gold reserves will gradually run out. You are now announcing that Junfu Jewelry will purchase gold and settle in US dollars, but you are only purchasing it at the current market price."

Li Wendi made a series of measures and decisions. Fortunately, Junfu Jewelry is a wholly-owned family company, otherwise it would not be possible to command it so smoothly.

A week later, all the gold donated by Junfu Jewelry Company was sold out, but Junfu Jewelry's dollar-for-gold exchange was not very popular, and only a small number of citizens were willing to exchange it.

"Boss, if this continues, Junfu Jewelry Company's gold reserves will soon run out." Hu Chao said impatiently.

"Since the price has hit bottom, we can import from overseas and utilize the channels of Xie Liyuan Gold Shop. Whether it is Junfu Jewelry or Xie Liyuan Gold Shop, all gold jewelry will increase in price by another 10% from now on," Li Wendi ordered.

"Yes! I'll do it right away!" Hu Chao disappeared in an instant.

After entering 83, the situation became increasingly worse. There were plenty of high-quality and cheap properties on the market, and their prices were only 82% to 5% of the peak period in 6, and the prices were falling all the time.

Some people have a lot of money to choose properties, while others just want to sell the properties quickly to recover funds to pay off debts or immigrate early.

In fact, the real immigration wave has not yet arrived. Only a small number of wealthy people are selling their assets.

Everyone is ready to make a move, but there are not many rich people who really have confidence in the mainland, and everyone is taking a wait-and-see attitude.

If it weren't for Li Wendi's repeated assurances, the senior executives of Changxin Group and its subsidiaries would have begun to change. The senior executives who had dealt with Starlight Real Estate Company naturally believed in Li Wendi, while those administrators who had succumbed to Li Wendi's majesty were still uneasy.

These anxieties also infected most of the ordinary employees, so Li Wendi specially convened a staff meeting and used loudspeakers to inform the majority of employees that although the stock price of Changxin Group had fallen a lot, the group had a large amount of cash flow, which was more than enough to maintain the group's operations.

As for the issue of immigration, Li Wendi issued a mandatory notice that he would not stop those who wanted to immigrate, but it would be impossible for them to work in Changxin Group or any company related to Changxin Group, which is commonly known as a ban.

Only in this way could the matter be temporarily suppressed.

(End of this chapter)