A century-old wealthy family that rose from Shanghai

Time flies, and it was August 1948 in the blink of an eye.

On the 19th, the Commander-in-Chief, in the name of the President, officially issued the "Emergency Financial and Economic Measures Order," which ordered the abolition of the legal tender nationwide and the implementation of the gold yuan currency system.

Its main points are fourfold: "1. Effective immediately, the gold yuan shall be the standard currency, and full preparations shall be made to issue gold yuan notes, with a deadline set for the redemption of existing legal tender and Northeast circulating notes. 2. All gold, silver, silver coins, and foreign currency notes held by the people shall be redeemed within a specified period, and no one shall be allowed to hold them after the deadline. 3. The foreign exchange assets held abroad by the people of this country shall be registered and managed within a specified period, and those who violate this shall be punished. 4. The treasury shall be reorganized, and economic controls shall be strengthened to stabilize prices and balance the national budget and international payments."

"The boy who cried wolf"

Chen Guangliang put down the newspaper and couldn't help but sigh.

This gold yuan note alone plundered an unimaginable amount of wealth from the people.

Of course, everyone is the same, just in different ways.

Despite saying that, Chen Guangliang still summoned the "four giants" of Ping An Bank in Hong Kong—Ye Ximing, Guo Deming, Zhang Shounian, and Li Hongsheng.

"You should notify Xia Gaoxiang of Ping An Bank in Shanghai and have him voluntarily hand over the foreign exchange and gold held by Ping An Bank (Shanghai) to ensure safety."

"Ok"

Guo Deming said worriedly, "I'm afraid the Nationalist government won't approve, since there's been a rumor in Shanghai that our Ping An Bank is making a lot of money."

Ping An Bank (Huaxia) should have US$100 million in foreign exchange and US$20 in gold.

But as the news circulating in Shanghai suggests, Ping An Bank has indeed made a lot of money in mainland China in recent years. Chen Guangliang sold the equity of Xinfeng Textile and Shangri-La Hotel to Ping An Bank, which was actually purchased with depositors' funds. These assets have been generating profits for Ping An Bank and were converted into foreign exchange and gold as soon as possible.

At the same time, Ping An Bank, listed on the Shanghai Stock Exchange, also participated in some investments, such as using depositors' funds to invest in foreign exchange, gold, stocks, and so on.

They made a lot of money, but they kept withdrawing funds to Hong Kong, amounting to millions of US dollars, which was more profitable than Ping An Bank in Hong Kong, due to reasons such as higher speculative profits and a larger mainland market.

The foreign exchange and gold held by Ping An Bank in Shanghai belong to depositors, not to the bank's assets, so they were not subject to any transfer.

Ye Ximing then said, "There's nothing we can do if they don't approve; we only have so much money anyway!"

Chen Guangliang waved his hand and said, "It's alright, any trouble can be resolved. I still have some connections in the mainland. Besides, taking the initiative is the best way to protect ourselves."

Moreover, Xia Gaoxiang and other senior executives of Ping An Bank in mainland China have already arranged for their families to live in Hong Kong; in addition, the Commander-in-Chief would not want to offend him too much, to avoid Chen Guangliang directly siding with the other side, after all, he was once a leader of Chinese businessmen.

As for Hong Kong, Chen Guangliang was not afraid of the Nationalist government at all. He had already established a good relationship with the Hong Kong government, and the secret agents in Hong Kong would not risk offending him.

Finally, Chen Guangliang said, "After handing over the foreign exchange and gold this time, Ping An Bank will continue to operate in the mainland until the Nationalist government is completely defeated. The devaluation rate of the gold yuan will not be lower than that of the legal tender, so let them handle it themselves!"

“Okay, we will send someone back to Shanghai secretly to personally convey your instructions.”

Xia Gaoxiang's Ping An Bank team continues to generate wealth for him, not only through textile and hotel businesses, but also through foreign exchange transactions.

Foreign exchange transactions were also a lucrative business. Many wealthy businessmen were eager to sell their assets and exchange currency, and Ping An Bank facilitated these transactions at extremely low prices, helping them to flee. Ping An Bank also had various means to convert these non-performing assets into foreign exchange, gold, etc., and then flee to Hong Kong.

Moreover, after these wealthy individuals arrived in Hong Kong, their funds were quickly deposited into Ping An Bank accounts, causing Ping An Bank's deposits to increase rapidly starting this year, already surpassing those of Bank of East Asia.

Zhu Guangsheng, a grain merchant from Shanghai, arrived at the Hong Kong pier with his family of nine.

The eldest son, Zhu Shaoyong, was wary of his surroundings and said, "Father, should we find a hotel to stay in and then rent a house later?"

Zhu Guangsheng then took out a copy of the Shanghai Oriental Daily and said smugly, "I was prepared. Look at the advertisements in this newspaper."

Zhu Shaoyong peeked out and exclaimed in surprise, "Hey, is that a rental ad for Cheung Kong Property? Is it Uncle Chen's Cheung Kong Property? Does he have quite a few properties in Hong Kong?"

Zhu Guangsheng said, "Never mind all that, let's go to the Yangtze River Real Estate store first."

The family then hailed a rickshaw driver and walked a short distance to the 'Cheung Kong Properties' store in Tsim Sha Tsui.

Although Zhu Guangsheng was overcharged by the rickshaw driver, he didn't mind because the staff at the Yangtze Real Estate branch became very friendly as soon as they heard that they were from Shanghai.

"So it's Mr. Zhu. Our properties are all over Hong Kong. We have villas on the Mid-Levels of Hong Kong Island, 100 square meters per floor, with a monthly rent of HK$400 and a transfer fee of HK$1.5 per month. We also have 100 square meters per floor in Wan Chai, Causeway Bay, North Point, Kowloon, Yau Tsim Mong, with a monthly rent of HK$180 and a transfer fee of HK$6000. We also have subdivided units where several families live on one floor, but I won't go into detail about those."

Zhu Guangsheng clicked his tongue inwardly, but said aloud, "Why is the transfer fee so expensive, especially for this semi-mountainous area?"

The employee patiently explained, "This is already a very low price. Because we own many properties, the market rates are already quite favorable. You can check with other developers in the market if you don't believe me. If we've charged you more, we can refund you anytime. Actually, it's only in the last year or so that more and more people have come to Hong Kong."

Zhu Guangsheng immediately said, "I believe Mr. Chen, after all, I've known him for many years!"

The employee didn't take it too seriously, since too many people knew the boss.

However, he still earnestly suggested, "Mr. Zhu, I think you have good financial resources. You should mainly consider the Mid-Levels area. It is where many famous and powerful people in Hong Kong live, and the security is excellent in all aspects."

Looking at the family of nine, Zhu Guangsheng gritted his teeth and said, "We'll live in the hillside area."

The staff provided excellent and sincere service, and their suggestions were very reasonable.

Zhu Guangsheng had been running his business for many years, and this time when he came to Hong Kong, he transferred US$20 through Ping An Bank. In addition, he also carried some other valuables with him, which were worth about US$2.

Soon, staff arranged for someone to escort Zhu Guangsheng and his family to Seymour Road in the Mid-Levels.

When Zhu Guangsheng's family of nine saw the house, they all felt that the money they had spent was well worth it.

In such a chaotic world, finding a safe place to stay is something that can actually be measured in monetary terms.

"Father, are you really going to find Mr. Chen? I remember you haven't been in contact for many years," Zhu Shaoyong asked expectantly.

Zhu Guangsheng had just asked the staff where Chen Guangliang usually worked and learned that it was in the Ping An Bank Building on Des Voeux Road in Central.

“I will definitely pay him a visit. Mr. Chen will see me; he is always a man of great loyalty and integrity. I will only feel at ease if I can get some guidance from him.”

In fact, after seeing that the situation on the mainland was not good, and remembering that Chen Guangliang had already come to Hong Kong to develop his career, Zhu Guangsheng resolutely brought his family to Hong Kong.

"Boss, there's a man outside named Zhu Guangsheng who wants to see you!"

Upon hearing his subordinate's report, Chen Guangliang immediately stood up and said, "Please come in quickly."

Upon hearing the name Zhu Guangsheng, Chen Guangliang was reminded of his days in Shanghai. He often thought back to his glory days in Shanghai.

"Brother, you've come to Hong Kong too! I was just saying I'd write to you, but I didn't expect you to be here already!"

Upon seeing Chen Guangliang's enthusiasm, Zhu Guangsheng was so moved that he almost burst into tears. He said, "Mr. Chen, I never expected you to be so loyal and righteous!" Chen Guangliang put his arm around Zhu Guangsheng's shoulder and invited him to the sofa. He had many friends in Shanghai back then, but he and Zhu Guangsheng were friends who had grown up together from the bottom.

Sitting on the sofa, Chen Guangliang sighed, "That decision to rent land and build a house back then ultimately harmed Brother Zhu!"

Zhu Guangsheng immediately said, "Mr. Chen, how can you say that? Business is a matter of mutual consent, and I have already recouped my costs and even made a profit over the years."

Chen Guangliang nodded and said, "It's good that you don't blame me! After all, if it were... never mind, let's not talk about it anymore, it's a matter for the future."

Upon hearing this, Zhu Guangsheng admired himself for making the right choice. He said, "I had been paying attention to Mr. Chen for a long time, so as soon as I saw that the Nationalist government was about to collapse, I decisively sold my property and came to Hong Kong. I just don't know what Hong Kong is like."

This is to hear Chen Guangliang's opinion.

“Hong Kong is great. So you and your family can develop your business here with peace of mind. If you want to start a business, you have to be careful and never speculate. We don’t know anyone here. Investing in property and collecting rent is the most stable option. If you want to be a grain trader, you have to choose a good location. Fortunately, my Global Trading provides the goods. In short, if you need anything when you come to Hong Kong, just come and find me.”

Back then, Zhu Guangsheng entrusted him with two plots of land to build houses, which showed that he trusted him a lot.

"Yes, thank you very much, Mr. Chen. I am so lucky to have met you as a friend."

Arriving in a strange place and receiving such heartfelt guidance from a respected figure is like meeting a benefactor.

Chen Guangliang handed his business card to Zhu Guangsheng and arranged to have a meal together sometime.

Zhu Guangsheng carefully put the business card away, left in a good mood, and could brag about it when he got home.

Chen Guangliang felt better after seeing his friend leave. He had relied on his friend back then, and now he wanted to help his friend as well.

The following day, Chen Guangliang held a meeting with the management of Cheung Kong Real Estate.

Yan Kuan reported: "To date, we have completed 905 houses, and the remaining 63 houses will be completed by the end of the year. In terms of rental, the current occupancy rate has reached 60%. With the increase of wealthy people from the mainland coming to Hong Kong, we believe that the occupancy rate will grow rapidly."

Cheung Kong Properties advertises directly in Shanghai newspapers, aiming to facilitate the settlement of wealthy individuals coming to Hong Kong. Furthermore, they have several "offices" in Hong Kong, providing a one-stop service, allowing residents to move in with just their belongings.

In fact, the rent of Yangtze River Real Estate is not the most expensive in the market, and can only be described as slightly above average, but the houses are all new and the facilities are complete.

For example, the villa on Seymour Road, where the Bao Yugang family came to Hong Kong in early 1949, had a rent of HK$450 and a transfer fee of HK$2.

In the same location, the rent for a property owned by Cheung Kong Property is only 400, with a transfer fee of 15000, and the property is a newly invested property.

As for charging a transfer fee, this is a common practice in Hong Kong; everyone does it. Because rent is regulated by the Hong Kong government, the transfer fee came into being, and the government has no jurisdiction over it.

In the Yau Tsim Mong district, a single-story apartment sells for between HKD 2.5 and HKD 3. However, the current controlled rental income is only HKD 150 to HKD 200, and it would take about ten years to recoup the investment. This is clearly unacceptable to most people, so a transfer fee of HKD 6000 is not expensive at all.

However, there were very few property transactions in Hong Kong at that time.

After all, a building costs 100,000 yuan, and a single floor costs 20,000 to 30,000 yuan. How many families can afford that?
Moreover, many homeowners believe that collecting rent is more profitable.

Upon hearing the report, Chen Guangliang said, "Well, the real peak period for relocation to Hong Kong is coming up. We don't need to raise rents; let's stabilize the market rents."

The fact that Cheung Kong Properties built so many buildings not only improves Hong Kong's housing environment but also stabilizes Hong Kong's rents and transfer fees, preventing them from being as high as in the previous life.

Moreover, Cheung Kong Properties also offers 'co-op flats', where one floor is rented to four, three, or two households, which greatly reduces the financial burden on some families.

But one thing is certain: many poor people still have no choice but to live in wooden or cardboard houses, since the average income in Hong Kong is between HK$30 and HK$100.

Yan Kuan nodded and said, "The number we control can indeed stabilize rents in Hong Kong."

In fact, in postwar Hong Kong, many people were unwilling and unable to rebuild the houses destroyed by the war; even some wealthy individuals were unwilling to rebuild. This is why Cheung Kong Property Holdings not only acquired many old sites from private hands but is currently a dominant force in Hong Kong's residential market.

Of course, the cost is also enormous, with an investment of up to US$900 million (HK$3600 million), which no consortium can afford.

At the Ping An Bank Building on Des Voeux Road, Ningbo businessmen residing in Hong Kong gathered, including Chen Guangliang, Fang Jiaobo, Liu Hongsheng, Wang Kuancheng, and Wang Tongyuan.

Everyone sat together, chatting and smiling.

When Chen Guangliang walked to the front, everyone sat down and prepared to listen to the lecture.

"Ladies and gentlemen, I have invited you all here today to discuss the establishment of a chamber of commerce for Ningbo businessmen in Hong Kong. With the changing situation in China, more and more Ningbo businessmen are coming to Hong Kong. I hope that we can unite to face the current situation together, help each other, and, more importantly, the chamber of commerce should take care of those Ningbo people who come to Hong Kong and provide them with an opportunity to work and make a living."

Everyone applauded. When they came to Hong Kong, they would also visit Chen Guangliang to show his status among Ningbo businessmen.

Now that Chen Guangliang is taking the lead in establishing the "Ningbo Chamber of Commerce in Hong Kong", as a fellow Ningbo native in Hong Kong, I naturally support him without hesitation.

Then, Liu Hongsheng took the initiative to say, "I think everyone has no objection to Mr. Chen becoming the president of this chamber of commerce, right?"

He brought it up himself to avoid suspicion.

After all, Liu Hongsheng became the leader and representative of Shanghai businessmen after Chen Guangliang left. Now that Chen Guangliang is still around, although he has seniority, his business achievements and contributions are not as great as Chen Guangliang's.

"I agree"

It was quickly passed unanimously.

Chen Guangliang then sincerely said, "The main reason why everyone elected me as the president is because I have more money and I started developing in Hong Kong earlier than you."

Everyone laughed.

The richest man in Hong Kong is no joke. If Chen Guangliang were in Shanghai, he would have been the first to be killed by the Commander-in-Chief. Back then, there was no need to kidnap Rong Desheng; it would have been Chen Guangliang who was kidnapped.

Then, Chen Guangliang said, "But given that more and more Ningbo natives are coming to Hong Kong to develop their businesses and make a living, the workload is enormous. Therefore, I hope that Mr. Ji Fan will serve as the executive vice president, preside over the work of the Chamber of Commerce, and provide some assistance to us Ningbo people in Hong Kong."

This was Chen Guangliang's personal 'tool', but Fang Jiaobo was indeed outstanding in his organizational skills.

Indeed, many Ningbo businessmen came to Hong Kong, such as Cao Guangbiao, Bao Yugang, and Cha Jimin, all of whom were from Ningbo. Of course, these people are considered younger generations in the business world today.

Everyone agreed with Chen Guangliang's suggestion that Fang Jiaobo's trip to Hong Kong with his family was not driven by business ambitions, but rather by a desire to act as a Foolish Old Man who moved mountains, which would be a good opportunity to handle the Chamber of Commerce's affairs.

The others also became permanent directors, and the organizational structure was thus established.

In fact, this was the second 'organization' Chen Guangliang had formed; he had also established a charitable organization called 'Oxfam'. (End of Chapter)