Video Game Empire

The most significant event in the global capital market in 1994 was the collapse of the Mexican peso, which triggered a financial tsunami that swept across South America. In fact, also in 1994, there was another financial event that profoundly changed the world landscape for the next two decades.

On New Year's Day in 1994, the People's Bank of China officially started a new round of exchange rate reform, and implemented a two-track exchange rate system for more than ten years - the official exchange rate of RMB and the exchange rate adjustment price. From this day, it was officially unified.

After the merger, the new official exchange rate of RMB against the US dollar will be implemented in accordance with the exchange rate of the previous day. In other words, the RMB against the US dollar jumped from 5.7 to 8.72, which is equivalent to a rigid depreciation of 33%. Since then, China, the country with the largest population in the world, has embarked on a journey to become the "world's factory".

In the analysis and research on the Asian financial crisis by many economists in later generations, the rapid devaluation of the RMB from 1991 to 1994 was regarded as one of the important factors that induced the Asian financial crisis.

A country of 1.2 billion people is transitioning to an export-led economy through rapid currency devaluation. The huge competitive advantage brought about by its huge size is incomparable to small Southeast Asian countries such as Thailand, Malaysia, and Indonesia.

A large number of international capitals who were planning to build new factories in Southeast Asia have been attracted by China, a brand-new and huge value depression, and turned their heads north. The only international capital left is those who want to speculate in the short-term, but have nowhere to enter because of China's strict capital controls.

Hong Kong, which is only separated from the mainland by a river, has also clearly felt the competitive pressure brought about by the devaluation of the renminbi. More and more Hong Kong electronics companies have begun to consider moving to the mainland with lower production costs. And this trend became even more unstoppable after Batumi announced its dissolution on April 1.

Batumi's full name is the "Paris Coordinating Committee", a review organization established by the United States in 1949 in conjunction with many Western countries in order to impose technological restrictions and trade embargoes on socialist countries. With the upheaval in Eastern Europe and the disintegration of the Soviet Union, the main mission of Batumi came to an end.

Although the dissolution of Batumi does not mean that the restrictions imposed by European and American countries on China have completely disappeared, at least it has been greatly relaxed compared to before. For example, the latest model of the ERM series processor of the Oriental Research Institute was not able to enter the Chinese market under the restrictions of Batumi.

This has resulted in a large number of the latest models of personal computers that cannot be assembled in factories inside China. The foundry responsible for assembling computers for Ikon can only place these orders at local factories in Hong Kong.

You must know that the wages in Hong Kong are much higher than those in the mainland. If the business can be transferred to factories in the mainland, it will undoubtedly greatly reduce the operating costs of these foundry companies. Therefore, in the next three to five years, Hong Kong's electronics industry will begin to gradually shift to the mainland with lower production costs, just like the textile, clothing, toys and other industries ten years ago.

Fortunately, the new round of industrial transfer has just begun, and Hong Kong still has a window period of about five to eight years to cultivate new core industries and upgrade and transform its economic structure. However, most ordinary Hong Kong people obviously do not pay attention to such a high-level proposition of the industrial structure.

This year, the hottest question discussed by everyone is where to choose to buy a house!

In another time and space, the Hong Kong property market has ushered in a six-year boom since 1992. It was not until Soros attacked the Hong Kong dollar in 1998 that he burst the Hong Kong property market bubble.

In this time and space, because of the appearance of Li Xuan, the economic data of Hong Kong in all aspects is better than before. It stands to reason that the property price should rise more sharply. But the actual situation is not the case. In another time and space, Hong Kong property prices skyrocketed in the 1990s. On the one hand, it was because the relevant documents signed by China and the United Kingdom restricted the annual land supply during the transition period, which to some extent lead to an imbalance between supply and demand.

On the other hand, the Asian economy gave birth to the "Four Asian Tigers" in the 1970s, and the "Four Asian Tigers" began to appear in the 1980s, and their excellent performance attracted the entry of a large number of international capital. As one of the most important financial centers in Asia, Hong Kong was constantly flooded with large amounts of foreign capital throughout the 1990s.

After these international capital entered the stock market and property market, it quickly pushed up the overall asset price level in Hong Kong. Therefore, in another time and space, even if the last Hong Kong Governor Patten continued to engage in wind and rain, and the political climate of Hong Kong before the handover was full of dark clouds, it did not cause Hong Kong's economic turmoil like the 1980s.

Now, under the active intervention of Li Xuan, the last governor of Hong Kong has changed from the hawkish Patten to the dove Mak Robin. Mai Ruobin, a diplomat, is not as ambitious as Patten. He wants to accumulate political capital to return to London through the platform of Hong Kong. His biggest idea is to achieve a smooth transition of the Hong Kong regime.

The British Prime Minister John Major, who is far away in London, although he led the Conservative Party to a difficult victory in the 1992 British general election, has maintained his position in power. However, including his friend and Conservative Party Chairman Patten, a number of Conservative Party officials or cabinet members failed to retain their seats in the election, and thus automatically lost their qualifications to join the cabinet. Not a small blow.

And the huge differences within the Conservative Party on issues such as European affairs and whether to negotiate with the IRA have made Major's position as party leader crumbling, so he has no time to care about Hong Kong affairs in far-flung Asia.

Of course, in order to get London to acquiesce to a series of propositions promoted by Governor Mak Robin that are conducive to the development and smooth transition of Hong Kong, Li Xuan also paid a lot of money to exchange interests.

For example, after a series of transfers of the shares of Aikang Company held by Orient Holdings, the shareholding has dropped to only 17.5%. It is the only one of all listed companies under the Orient Group that holds less than 25% of the shares. enterprise.

Although Oriental Holdings is still the largest shareholder of Aikang, with the addition of new directors and the replacement of management, Li Xuan's influence on Aikang has been greatly reduced. Of course, it is not easy for Aikang to completely break away from the Dongfang Group system. After all, it has been deeply integrated with other companies in the Dongfang Group from the very beginning, including all aspects of the whole process, including research and development, production, and marketing.

For example, Aikang's first major business, the ABC series of personal computers, needs to rely on other companies in the Oriental Group to provide whether it is a core processor or an operating system. What's more, Aikang's global marketing system is realized by relying on the global distribution network of Dongfang Commercial Company.

However, since the listing of Aikang, there has always been a voice, whether it is external shareholders or internal management, that they hope to obtain greater and more independent development authority. Therefore, Aikang has gradually established its own independent R&D and sales system in recent years, trying to reduce the control of Dongfang Group on it.

Although Li Xuan feels a little regretful about the Aikang company that has begun to drift away, if he can use it in exchange for control over Hong Kong, it is actually worth it! After all, Aikang is not the only computer brand in the Eastern System chain. Whether it is Lianxiang in China, Acer in Taiwan, or Lu's in Hong Kong, if Li Xuan is determined to support it, he may not be able to replace Aikang.

As one of the most famous companies in the Oriental Group, Aikang's parting ways with the Oriental Group will also make the outside world produce a wrong judgment that the Oriental Group is going downhill, but it will help Li Xuan to keep a low profile.

Speaking of the real estate market in Hong Kong, shortly after he took office as the Governor of Hong Kong in July 1992, Mak Robin immediately proposed the New Territories Development Plan. The population of the industrial new city has made it the economic sub-center of Hong Kong second only to the core area of ​​Hong Kong and Kowloon.

Because this is a large-scale cross-1997 plan, Mak Ruobin also announced that he will establish a deputy governor from 1994, and the post-return Chief Executive candidate will perform this characteristic position.

Mr. Tung, the first and last Deputy Governor of Hong Kong in the history of Hong Kong, officially took office on July 1, 1994. In the next three years of his term of office, promoting the official launch of the New Territories Development Plan is one of the most important tasks of this Deputy Governor Dong.

Since Mak Robin proposed the New Territories Development Plan, the housing prices in the entire New Territories have begun to soar. In order to facilitate the future New Territories New Town to access the new airport on the outlying islands, the New Territories development plan also includes the construction of a sea-crossing bridge connecting Tuen Mun to Lantau Island.

Affected by this major positive news, house prices in Tuen Mun have risen by 25% in less than two years. As the center of the western New Territories, housing prices in Yuen Long also rose by 20%. It should be known that the development level of the Western New Territories is far behind the city center of Hong Kong, but in recent years, it has made rapid progress, and a large number of new properties are listed every year.

According to the normal theory of supply and demand, when supply increases substantially, it usually causes prices to fall. Therefore, Hong Kong's real estate developers usually have a certain tacit understanding over the years, and they will not rush to make a deal, so that everyone will not be able to make a profit if the price plummets.

But in the western part of the New Territories, it is different. Li Xuan made a promise in private to several major real estate companies in Hong Kong, and he set up a real estate investment fund specially to make a thorough understanding of the new real estate of major real estate developers, so as to ensure that everyone can make reasonable profits. Quick return of funds.

Therefore, in the face of this situation of making money without losing money, the major real estate developers are naturally rushing to the market and listing new real estate! However, even in the case of such a sufficient supply of new houses, the housing prices in the entire New Territories still experienced a considerable increase.

In particular, Fanling, a new town in the North District of the New Territories, was too far from Kowloon and had poor supporting facilities in all aspects. Since it was gradually developed in the late 1970s, its popularity has not been very high. But since last year, there have been long queues when a number of new properties are released.

As a large number of investors turn their attention to the New Territories, the central city of Hong Kong and Kowloon, which usually leads the property market in Hong Kong, has begun to appear more and more older and smaller units, and no one cares.

After all, the total amount of funds in the entire Hong Kong property market is limited in a short period of time, but when most of the funds are chasing the New Territories property market, which represents the future of Hong Kong, it is normal for housing prices in the central city of Hong Kong and Kowloon to stagnate or even fall!

If it was said that most Hong Kong people were full of fears of return ten years ago, now at least seven or eight out of ten Hong Kong people are full of unrealistic illusions about return. For example, there is a very popular view in Hong Kong now that a free and free Hong Kong is the paradise that the rich in the mainland yearn for most.

The mainland has a population of more than 1.3 billion, and even if only one-thousandth of the wealthy class flocks to Hong Kong, Hong Kong's housing prices can be entrusted to the sky! Therefore, many Hong Kong people have the illusion that after the handover in 1997, a large number of rich mainlanders will come to Hong Kong to take over the business. Even if they have huge debts, they will buy a house first, and they will make a lot of money after the handover!

It is the local crazy speculative atmosphere, and after the end of the US dollar interest rate hike cycle, more and more international hot money poured into Hong Kong. Under the combined effect of the two, the Hong Kong property market in another time and space began to go crazy two years before the return. The skyrocketing rise of the stock market was cut in half by the Asian financial crisis in 1998. And after the sudden rise and fall, countless ordinary investors in Hong Kong lost everything, which greatly hurt the potential of Hong Kong's economy!

The best way to combat the rapid rise in property prices is to increase the supply of land. The first thing that Deputy Governor Dong did after he took office was to sell land in the New Territories West and New Territories North frantically, and then use the huge amount of funds recovered from the land sales to rapidly promote infrastructure construction in the New Territories.

In addition to the basic three links and one leveling, parks, hospitals, libraries, schools, sewage treatment plants, and various complete supporting facilities have also been launched. However, the government's efficient actions have further led more people to start bullish on the property market in the New Territories sector.

In the face of the turbulent general trend~www.readwn.com~ even Li Xuan did not dare to act like a car. However, because of the bottom line agreement with major real estate developers, Li Xuan has successively purchased more than 21,000 units in Tuen Mun, Yuen Long, Tai Po, Fanling and other places in the past few years, with a total area of ​​more than 13 million square feet of residences.

With the rising housing prices in the New Territories, by the middle of 1995, the market value of these residential properties held by Li Xuan had risen by 90%, bringing Li Xuan a floating profit of more than 12 billion Hong Kong dollars.

Since July 1995, as the Hong Kong property market entered the craziest stage before the reunification, Liu Xuan began to quickly sell off all his residences at a rate of 1,500 units per month! Although Li Xuan's sell-off suddenly increased the supply of the second-hand housing market by 10%, it only slowed down the rising momentum of the property market in the New Territories.

When Li Xuan completely emptied all 21,000 residential units in 1996, Hong Kong housing prices had risen by 30% in just over a year, and the final profit of his real estate fund was fixed at an astonishing HK$13.5 billion. .

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