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Chapter 586: Money Talks
Chapter 586: Money Talks
The Hang Seng Index had been on a wild ride lately, with single-day plunges of up to 11% and surges of 9%, but overall, it was on a downward trend.
This volatility had a massive aftermath—many people now doubted Hong Kong's economy and its future. Consulates were flooded with inquiries and applications from those seeking to immigrate.
Those intending to immigrate would need to settle their assets, leading to a lull in property sales as everyone rushed to real estate agents to offload their properties.
The trend was further fueled by rumor-mongers and irresponsible media outlets claiming that all the rich were leaving, and soon, only the poor would remain, dooming the city's economy. This vicious cycle even caused some previously steadfast individuals to waver in their commitment to the city.
Yu Meitung called Lu Jiaxin and asked, "Boss, with property prices down by 30%, do you think it's true what the newspapers say about Hong Kong properties losing their value?"
The idea that Hong Kong properties would become worthless was laughable to those in the future, but Lu Jiaxin, living through these times, knew that many believed it. Firstly, numerous British and foreign companies were relocating, and secondly, there was a general distrust of the mainland government.
Driven by fear, the middle class and those with some wealth were desperate to immigrate. Little did they know that if they returned a decade or two later, they would find themselves unable to afford a place in the city anymore.
Instead of offering comforting words, Lu Jiaxin shared her plan: "For Xin Xin Property, let's keep 50 million for daily operations, and I intend to use the rest to purchase properties and hoard land."
Her right eyelid had been twitching, signaling impending disaster, which had prompted her to sell off some properties and stock index futures as a precaution. Unexpectedly, her move coincided with a genuine stock market crash, and the property market collapsed as well. Two years ago, during the great stock market crash, the property market had been relatively unaffected, dipping less than 20% before rebounding. But now, with a 30% drop and the impact of the immigration trend and unscrupulous media, prices were still falling.
Lu Jiaxin had faith in Hong Kong's future, and she wasn't going to pass up this opportunity to buy low. A couple of days ago, she had instructed Chen Ming to acquire any properties they had their eyes on.
Yu Meitung immediately understood. Jiaxin believed that Hong Kong's economy wouldn't stagnate and that the property market would continue to thrive. "Jiaxin, I have about 300,000 on hand. When do you think is a good time to buy a property?"
Lu Jiaxin wasn't a fortune teller, and she couldn't pinpoint the exact moment. "It's already down by 30%. I think it's about right now."
Chen Ming and the vice presidents had been busy lately, securing the desired properties, land, and industrial buildings. Due to the mainland's relaxed policies, many Hong Kong factories had moved there, attracted by cheaper land and labor, resulting in significantly lower costs.
Consequently, many industrial buildings in Hong Kong were now vacant. The government had also changed policies, allowing developers to demolish and redevelop industrial buildings into office spaces, though it came with a lot of paperwork to be handled by their staff.
After hanging up, Yu Meitung immediately found the number of a real estate agent and called to express her interest in buying two apartments of about 500 square feet each. As an office worker herself, she understood that high-level executives preferred renting single-room apartments.
The agent had mostly dealt with property sales lately, with very few buyers. Upon hearing that Yu Meitung wanted to buy two single-room apartments, he immediately recommended three housing estates in prime locations with excellent facilities.
After clarifying the prices, Yu Meitung smiled and said, "I'm tied up today, but I'll come to view the properties tomorrow at 10 a.m.
"The three housing estates recommended by the agent were previously priced at around $3,400 to $3,500 per square foot. With the 30% drop in property prices, they're now going for around $2,400 per square foot. For a 500-square-foot apartment, the down payment would be 20%, so she'd need to prepare about $500,000."
"No problem, no problem," Yu Meitung replied.
Yu Meitung only had $350,000, which left her short by over $150,000 for the down payment on the two apartments. Whom could she ask for help? Of course, her dearest mommy dearest.
In the afternoon, she took half a day off work to go home. Having learned her lesson, she now always bought things that her father and stepmother liked. This time, she had purchased cigars for her father and her stepmother's favorite sushi.
However, upon returning home, she found that her father, as well as her brother and sister-in-law, were all present, which immediately set her on edge. It was just that after two years of struggling in the workplace, she had learned to hide her emotions better.
Yu Meitung greeted her family with a smile and then presented the cigars and sushi.
Her brother and sister-in-law looked at her with unfriendly expressions. This youngest sister had become as cunning as a monkey ever since her broken engagement half a year ago. Each time she returned, she would use sweet words to coax their parents, either giving them jewelry and gifts or money.
Her father felt that since the company would eventually be passed down to his two sons, it was more important to focus on the bigger picture. As long as his daughter was well-behaved and obedient, giving her some extra spending money wasn't a big deal. On the other hand, her stepmother sympathized with her struggles in the outside world and felt that her sons had let her down, so she often gave Yu Meitung extra support. This was how Yu Meitung had managed to accumulate eight properties under her name up to this point.
After Yu Meitung sat down, her father said, "Your timing is perfect, Meitung. We're currently discussing whether or not to immigrate. You're close with Mrs. Hu and Miss Lu. Have the Hus and Nie Zan made any recent moves that you're aware of?"
Yu Meitung replied with a single sentence and then fell silent, knowing that when her family had cast her aside, they had made it clear that money talked louder than familial bonds.
Seeing her expression, her father knew that he would have to offer something substantial to get her to speak, "I'll give you the 3,600-square-foot villa in Shouson Hill."
He owned two villas in Shouson Hill, one being the aforementioned property, and the other a 6,000-square-foot villa. With the recent drop in property prices, luxury homes had taken a significant hit.
Yu Meitung's two brothers scowled, and their wives also looked very displeased, feeling that their little sister-in-law was becoming increasingly greedy. However, their father held a lot of authority in the family, so despite their unhappiness, they dared not object.
Yu Meitung said, "Hu Zhifeng wants to hoard land, but his father, being older, prefers stability and disagrees. As for Miss Lu, didn't she offload a large number of properties last month? She used the recycled funds to hoard land and buy high-quality properties."
As for whether Nie Zan had made any moves, she wasn't sure. However, for Jiaxin to spend so much money on land and properties, she must have obtained his consent.
Her father hesitated after hearing this, "According to what you're saying, they still seem optimistic about the city's future."
However, Yu Meitung's eldest brother disagreed, "Dad, Miss Lu is from the mainland, and I've heard that she's donated quite a bit of money there in recent years. As for the Hus, remember that the cousin of their son-in-law, Su Heyuan, is a high-ranking official on the mainland. With connections like that, they're not only unafraid of the changes, but they also look forward to the city's reunification."
Yu Meitung remained silent.
Her father, however, wasn't letting her off the hook, "Meitung, what do you think?"
Yu Meitung had no intention of offering her opinion, as the company had nothing to do with her, and whether things went well or not didn't affect her much. However, since her father had offered her a villa, she was willing to share some additional thoughts, "I'm doing quite well at Five Blessings Jewelry and have no plans to change jobs. Moving to a completely new place would make it harder for me, whether in business or employment."
Her father was indecisive.
(End of Chapter)
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