A century-old wealthy family that rose from Shanghai

Hong Kong in October.

Raymond Chow sat in the leather chair in the general manager's office, a smile he could hardly hide on his lips.

Since the beginning of the year, his life has been like a dream come true – first, he took the seat of general manager, with only the nominal position of chairman of the board of directors, Zhuang Zhujiu, hanging above his head, while he held all the real power.

What pleased him even more was the surge in his wealth: Times Pictures gave the management a 60% discount on new shares, and he bought the new shares, originally worth HK$800,000, for HK$500,000. Now the market value has soared to HK$1.5 million; most of it was a "management loan" specially approved by Ping An Bank, which is equivalent to Times Pictures giving him nearly a million dollars for free.

He knew the root of all this—60% of the shares of Times Pictures were held by Ping An Investment, and behind Ping An Investment was the family of Chen Guangliang, the "richest Chinese man".

When his conflict with Sheng Aiyi escalated last year, it was Chen Guangliang who, through Zhuang Zhujiu, promoted the "professional manager reform," which not only relieved him of his predicament but also subtly consolidated his control.

“This big shot always makes his move at crucial moments, but never shows his face in public.” Raymond Chow thought to himself, his gaze falling on the Times Cinema distribution map on the wall—Times Films’ 192 cinemas, like a dense net, covering Hong Kong, Japan, South Korea and Southeast Asia, this is the foundation of this film company.

"Mr. Zou, 'The Big Boss' has broken 300 million at the Hong Kong box office! The distribution department estimates that it might eventually reach 350 million!" Ho Kwun-cheung pushed open the door, clutching a work manual in his hand, his tone full of excitement.

As one of the core executives of Times Pictures, he didn't need to monitor the theaters like a grassroots employee, but he could accurately grasp the dynamics of the films through the daily reports of the theater managers and the verification of the financial ticket sales.

“350 million?” Raymond Chow sat up abruptly, a look of surprise flashing in his eyes.

It's worth noting that last year's highest-grossing film from Time Pictures barely surpassed 2 million after two months of production. Now, "The Big Boss" has broken records in less than a month, making it a true "Chinese film miracle."

"Not just Hong Kong!"

Raymond Chow spoke rapidly: "We just received news from the Singapore cinemas that tickets are extremely hard to come by; the same is true in Malaysia, the Philippines, and other Southeast Asian countries. This trip has been incredibly profitable!"

"Good, at least we've stabilized Times Pictures and maintained our position as the dominant force in Hong Kong cinema."

Raymond Chow walked to the floor-to-ceiling window, looked at the bustling crowd below, and suddenly recalled the days of 1967 and 1968.

At that time, Zhuang Zhujiu was focused on TVB, while Sheng Aiyi, as the executive director, interfered in the film business and hindered his production plans at every turn.

He once privately met with Ho Kwun-cheung and others at a tea restaurant to complain, and even considered "starting his own business"—feeling that based on everyone's experience, it was not impossible to survive in the cracks between the times and Shaw Brothers.

But now it seems how naive we were: Bruce Lee was personally suggested by Zhuang Zhujiu to be brought back from the United States, the "satellite company" model was decided by the board of directors, and even without him, Era Films could still rise up with resources and vision.

"Even if someone offered me a job now, I'm afraid no one would be willing to leave," Raymond Chow sighed softly.

With money and power already in hand, more importantly, the "satellite company" model of Times Pictures gives executives and talents enough space—after Bruce Lee finishes making three films, he can set up his own studio, while Times Pictures can control core resources through investment and distribution.

This "delegation without decentralization" model is far more effective at retaining talent than Shaw Brothers' "family-style management," and of course, the original Era Film Company also used this model.

Raymond Chow nodded and lowered his voice: "Shaw Brothers is probably getting restless. Mona Fong sent someone to inquire yesterday about how many films we signed with Bruce Lee. But Bruce Lee said that he is only concerned about how to shoot the next film and will not consider cooperating with other companies."

Raymond Chow's lips curled into a cold smile. He knew Run Run Shaw's methods all too well. Back then, Li Hanxiang had worked diligently at Times Publishing for over a decade, but Shaw Brothers had poached him with the lure of "high salary + independent company." After Times Publishing forced him to Taiwan through legal means, Shaw Brothers, though not gaining any benefits, thought it had "cut off one of Times Publishing's arms." Now that Bruce Lee had become a hot commodity, Run Run Shaw was likely to repeat the same trick.

At the same time, the atmosphere in the Shaw Brothers' offices was so oppressive that it was hard to breathe.

Shaw sat behind his mahogany desk, his brow furrowed, cigarette ash falling onto his expensive suit, leaving a scorch mark.

"Yifu, one movie doesn't prove anything. Let's make kung fu movies too," Mona Fong said cautiously, holding a cup of hot tea.

She knew what Run Run Shaw was anxious about—Times Films was already stronger than Shaw Brothers, and now with Bruce Lee as a "box office guarantee," the gap would only widen.

"Make a kung fu movie? Who?" Run Run Shaw slammed his cigar into the ashtray, his tone irritated. "Bruce Lee's kung fu style is something no one else can imitate, and audiences won't accept it!"

He stood up, walked to the window, and looked at the film crew shooting in the distance with a sinister look in his eyes. "Times Pictures has more theaters and a wider distribution network than us. Now they have Bruce Lee. If we don't find a way out, we'll be crushed sooner or later!"

Fang Yihua took a step closer, lowered her voice, and revealed the plan she had already devised: "How about we poach him first? I've heard that Bruce Lee only signed a contract with Time Entertainment for three films. After that, we'll give him double the pay and allow him to direct, giving him full rein to showcase his talent."

Shaw's eyes lit up, then he shook his head: "Bruce Lee is currently riding high, and the company will definitely hold him back. It won't be that easy to poach him."

"Then why not... learn from Li Hanxiang's method back then?" A ruthless glint flashed in Fang Yihua's eyes.

These words struck a chord with Run Run Shaw. Although he failed to recruit Li Hanxiang back then, he caused Times Film Studio to lose a top director, which could be considered "making up for his mistake".

This tactic might work just as well against Bruce Lee today.

"We'll talk about that later. The most urgent thing is to study the content we're filming. Even if we're not as good as Bruce Lee, we still need to cultivate our own kung fu stars."

"Um"

Poly Tower, Cheung Kong Holdings.

In his office, Chen Guangliang no longer receives reports from management. His son, Chen Wenjie, now handles all group affairs, as the general manager is essentially the 'chief executive officer'.

Logically speaking, CK Asset Holdings' General Manager, Chan Man-kit, is already the company's 'de facto operator'; even if Chan Kwong-leung, the Chairman of the Board, wanted to oppose his arrangements, he would only be able to do so by convening a board meeting.

Therefore, from the perspective of outsiders, Chen Wenjie had already 'successfully taken over' starting from New Year's Day this year (1969).

Even for the group's management, they must report to the general manager; after all, reporting to someone above their level is a major taboo in the workplace. From Chen Guangliang's perspective, if he interferes in everything, then this "training of a successor" will be a failure.

So now, although he still comes to the chairman's office, he basically doesn't directly interfere in company affairs. But Chen Wenjie's strength is his maturity and stability; he knows how to communicate with his father.

Chen Guangliang was reading the Oriental Daily News when he saw that "The Big Boss" had grossed over HK$3 million, and he was in a good mood. In fact, since the 1960s, he hadn't cared much about the struggle between Era Films and Shaw Brothers. After all, whoever won, it would be a victory for Hong Kong cinema, and it was something that was bound to happen.

His intervention in Raymond Chow's rise to power and his invitation to Bruce Lee to return to Hong Kong were actually aimed at stabilizing Era Films in the 1970s. At that time, it would depend on whether his daughter, Chan Lok-yee (1952), could mature and thrive in the 1980s.

As for his eldest daughter, Chan Kwong-leung hoped that after returning to Hong Kong in 1973, she would join Era Films and rise through the ranks. When the Chan family acquired RTV in the 1980s, they hoped that Chan Lok-yee would be their representative.

Chen Guangliang's ultimate goal was to develop "Hong Kong pop culture," which probably began in the late 1980s; at the same time, he established a media group to oversee television stations, film companies, and newspapers.

Chen Leyi will take over the media group, and her nephew will eventually take over, or something like that.

That's the idea, but the specifics will depend on the circumstances of the family's descendants. However, it's inevitable that Chan Kwong-leung will personally intervene in the development of 'Hong Kong culture,' as it is one of the pillars and calling cards of Hong Kong's future economy.

"dad"

Chen Wenjie walked in and stood respectfully in front of the desk.

"Hmm, is there anything I need to report?"

Chen Wenjie said, "I'd like to discuss this with you."

Chen Guangliang put down his newspaper and said, "Let's talk on the sofa."

Later, the father and son sat on the sofa, drinking tea.

Chan Man-kit reported: "Currently, the price of high-end residential properties on Hong Kong Island has risen to HK$150-180 per square foot, a 1.5-fold increase in 20 months since the beginning of 1968. For mid-to-low-end residential properties, the price has also risen to HK$80-120, a 100% increase in 20 months. Low-priced tenement buildings have risen to HK$60-80 during the same period, also a 100% increase in 20 months. The Hong Kong government is now building a large number of public rental housing estates, so the price increase for mid-to-low-end properties is slower. Overall, this spring marked the beginning of a rapid price increase, especially with the auction of the Tsim Sha Tsui land plot, which completely ignited the Hong Kong property market."

Chen Guangliang nodded and said, "Yes, it will rise sharply in the next three years!"

Chan Man-kit immediately said, “Cheung Kong Group currently has ample funds but insufficient projects. In Hong Kong, we control the scale of real estate development, which should not exceed 20% of the annual supply in Hong Kong; as for commercial real estate projects, we need to see if the Hong Kong government will auction off the ‘Emperor’ in Central next year. In addition, should we put that shopping mall in Singapore on the agenda? These are real estate issues.”

Chen Guangliang immediately asked, "What's the name of the building opposite the Miramar Hotel?"

Chen Wenjie thought for a moment and said, "It's called Lok Fu Building. It's a product of the mid-to-late 1950s, and it occupies an area of ​​30,000 to 40,000 square feet. The site is quite large. Father, do you mean to acquire it?"

Chan Kwong-leung said, “The Miramar site covers 8.8 square feet and can be considered a prime location. Nowadays, traditional docks are declining, and Wharf Holdings and Blue Chimney have basically ceased operations. Such a good location will probably be developed into a commercial complex in the future, and there will naturally be more and more hotels in Kowloon.”

Chen Wenjie suddenly realized and said, "Father's idea is to acquire the Lefu Building when the time is right and then rebuild it into a modern hotel building. As for the current site of the Miramar Hotel, we can consider building a shopping mall there when the time is right. In this way, we can have a commercial complex here. And the hotel, shopping mall, and office buildings can be connected by a pedestrian bridge."

"Yes, that's the idea. Of course, this is a long-term plan, but we can consider acquiring the Lok Fu Building now."

"Okay, I will arrange it."

Chen Guangliang continued, “Of course, the Lok Fu Building, at around 5000 million, isn’t a major investment opportunity. More importantly, the Hong Kong government will definitely auction off the prime land in Central next year. I estimate it will be next to the bus terminus, and it will be incredibly valuable with fierce competition. Therefore, we are determined to acquire this site. My idea is to move the Shangri-La Hotel here, where there will likely be no obstructions in front. If the area is 5 square feet, we can build a magnificent building like a sailboat.”

He simply drew a building in the style of the later Xiamen Twin Towers.

Chen Wenjie exclaimed in surprise, "Not only will the construction costs be extremely high, but the difficulty will also be immense!"

Chen Guangliang said, "If we only add an arc at the top, it shouldn't be a big problem. In short, this location is one we must fight for."

"Okay. Then the current site of Shangri-La can also be used to build two office buildings in the future."

“Yes, it’s more cost-effective to build two buildings, after all, the site is 3.6 square feet.”

In Hong Kong's Central district, a land area of ​​about 1.4 square feet is enough to build a building with more than 20 floors; 1.8 square feet is enough to build a building with more than 30 floors.

Of course, there are also miniature buildings, such as the Entertainment Building in my previous life, which occupied 6000 square feet and had 20 floors, with a total floor area of ​​10 square feet, with each floor only a little over 5000 square feet.

After chatting for a while, Chen Wenjie left feeling quite satisfied.

As Chen Guangliang watched his son leave, a hint of relief appeared on his face.

To put it bluntly, he didn't want his son to be too opinionated, otherwise he would have "come out of retirement" to stop him. Now, he's in the shadows while Chen Wenjie is in the open, which allows things to develop.

After a few more years, Chen Guangliang plans to incorporate Cheung Kong's shares into the trust through a "father-son trust"; this way, everything will be foolproof.

Cheung Kong Holdings' development remained focused on Hong Kong, with its Orchard Road shopping mall in Singapore, Shangri-La Hotel in Japan, and other real estate investments planned for contrarian investment during the 1974 oil crisis.

At the same time, the Global Group was about to face a situation of "partial retirement and partial succession". Chen Guangliang planned to support Chen Wenming to serve as general manager in 1973-1974.

It's not about stepping down to the second line, but rather moving behind the scenes. For Chen Guangliang, it's crucial that these companies remain under his control.

If one had to choose a single term to describe it, it would be 'the crown prince overseeing the government,' but he can't truly be the emperor. After all, Chen Guangliang still has memories of the next fifty years or so, and grasping the big picture is crucial for a company. (End of Chapter)