A century-old wealthy family that rose from Shanghai

When Mr. Tung arrived at the Ping An Bank Building at No. 1 Garden Road, he couldn't help but sigh as he looked at this most iconic building in Hong Kong.

This is a symbol of the Chen family!
Once upon a time, his father, Tung Chao-yung, even wanted to "compete" with the Chen family's Worldwide Shipping. Indeed, at its peak, Orient Overseas Container Line (OOCL), including the ships it managed (i.e., other ships joining its fleet), did reach a deadweight tonnage of 2000 million tons, which was the peak of Worldwide Shipping.

But that was just a mirage. Now the Dong family's fleet is on the verge of bankruptcy, and he is searching everywhere for a glimmer of hope. The Chen family is that glimmer of hope!

I've heard that Bao Yugang, another "shipping magnate" from Ningbo, received help from the Chen family to acquire the Defeng Group and successfully go ashore.

This act of forgiving past grievances instantly elevated the Chen family to a position of great prestige in the eyes of Ningbo people worldwide.

Stepping into the bank building, one is greeted by modern equipment, exuding an atmosphere of 'reputation,' which is exactly what banks need most.

Hong Kong media also said that HSBC Tower represents solemnity and restraint, while Ping An Bank Tower represents modernity and flamboyance.

The Ping An Bank Building is divided into three parts: a 12-story, solid, square base, like a suit of armor; a 60-story, octagonal triangular building complex, like an unsheathed sword; and the tens-of-meters-high 'Freedom Tower,' which embodies a spirit.

"Mr. Dong, please!"

An assistant from Ping An Financial Group led Ms. Dong into the 'Chairman's Office,' where she saw two middle-aged men who looked alike.

Mr. Dong was taken aback, not expecting that Chen Wenjie, the head of the 'second generation of the Chen family' and the controller of the Cheung Kong Group, was also there. He was momentarily at a loss.

He approached Chen Wensheng of Ping An Financial Group hoping to secure a $2000 million loan from Ping An Bank, which also served as a window to encourage support from multiple banks worldwide.

Last year was undoubtedly the most difficult time for the Dong family.

In 1985, the Tung Group's total liabilities reached HK$200 billion, with over 200 creditors spread across more than 50 countries worldwide. Due to excessive debt, the ships used as collateral had depreciated significantly due to the shipping downturn, leaving the Tung Shipping Group insolvent. At the same time, the group urgently needed cash to settle 24 new ships ordered from Japanese shipyards, triggering a financial crisis.

The case that Dong faced was the third largest mass-market rescue case in global business history. The first two were Chrysler and Lockheed in the United States. The pressure he was under was self-evident.

"Please wait a moment, Mr. Chen."

Chen Wensheng, speaking first, said, "Mr. Dong, it just so happens that my elder brother is also very interested in the management of the Dong Group, so he came along to meet you and see if we can be of any help!"

Madam Dong quickly cupped her hands in thanks and said, "Thank you for your concern, Brother Wenjie."

Chen Wenjie said politely, "It's alright, I'd like to hear your opinion and then share my thoughts."

The three quickly sat down at the conference table for private discussions.

Tung Chao-yung later said, "After many trips to Japan to persuade several Japanese shipyards, they finally accepted a small amount of compensation and cancelled their orders for 12 new ships. At the same time, Tung's immediate priority is to raise funds to pay for the remaining 12 new ships. This will give us a breathing space to try to design a restructuring plan."

Chen Wensheng nodded and asked, "How much funding do you need?"

Tung Chao-yung replied, “US$2.4 million! I have already obtained the Bank of China's approval to secure a loan of US$2000 million. In addition, I have identified 11 other banks to provide the remaining US$2.2 million. As long as Ping An Bank releases the loan, the other banks will see hope and will not refuse.”

Chen Wensheng readily replied, "Ping An Bank has no problem. I'm just curious, even if the $2.4 million payment for the new ship is made, will the Dong family continue to operate normally?"

Tung Chao-yung said with a troubled expression, "It's not quite clear yet! After all, we're just trying to buy time for the restructuring, and it's still unknown whether the creditors will reach an agreement. However, I will do my best to give everyone some confidence in us and get the business back to normal as soon as possible to repay the debts."

His determination was written all over his face.

He didn't say that he absolutely couldn't let his father's empire be destroyed, because that would give people a bad impression; what he meant was more that he was determined to repay the debts to his many creditors.

At this time, Chen Wenjie, the "regent crown prince" of the Chen family, expressed his opinion: "I heard my father say that last year (1985) was equivalent to the lowest point of shipping in the 30s. The situation probably couldn't be much worse. So as long as the Dong family can fight for a restructuring plan, it is not impossible to spend several years to slowly repay the debt and restore the normal operation of shipping."

Dong Jianhua was overjoyed. Chen Wenjie's father was a model and legend among Chinese businessmen!

By saying this, he had clearly given himself immense resolve.

"Thank you for your concern for our Dong Group, Brother Wenjie. Uncle Chen is the pride of Chinese businessmen and also the pride of Ningbo. What he says is certainly true."

Chen Wenjie nodded, making no attempt to hide his admiration for his father.

During this major shipping crisis, the Chen family handled the situation most smoothly and at the best possible time. Starting in 1979, their family reduced their deadweight tonnage from 1800 million tons to 900 million tons in 1980.

Even Bao Yugang only started reducing ship numbers in 1980, by which time ship prices had already dropped considerably.

As for Zhao Congyan, he has been reduced to selling antiques and properties to save the family's shipping business.

"By the way, Brother Dong, if you manage to secure a restructuring plan, I can invest in you so that you can continue operating the business."

Overjoyed, Madam Dong quickly said, "Thank you, Brother Wenjie."

Although he didn't know why the Chen family was helping him so much, since the Chen family had helped Bao Yugang take over the Wheelock Group, their help in restoring the Dong family's business might also be due to their kinship as fellow townsmen.

After Madam Dong left.

Chen Wensheng said, "Brother, what benefits do you think we'd get from winning him over?"

It's quite normal for Ping An Bank to provide a loan of 2000 million US dollars.

But the fact that the eldest brother is still investing in Tung Chao-yung shows that he is genuinely helping the Tung family business. After all, this is not something that can be promised with tens of millions of US dollars; it could be hundreds of millions.

Chen Wenjie said with a smile, "If he can solve such a complicated corporate rescue case, then he can go into politics in the future. We can't let someone from our family sit in that position!"

"Haha, that's it!"

Chen Wensheng said with a smile, "It's impossible for the second generation of our family to do it, and the third generation is a bit too young."

Chen Wenjie shook his head and said, "There's no need for him to go into politics. Just support 'our own people' to take the position. Most of the people in the Hong Kong Legislative Council are people I know; this is part of our family's strategy. Of course, our family doesn't take advantage of Hong Kong or the government, but we still need to keep an eye on the situation." "Yes, I understand!"

The Chan family truly disdains taking advantage of the Hong Kong government; in any project, their strength is more than enough to crush their competitors. Of course, their goodwill with the government is primarily aimed at mitigating the negative impact of their family's 'monopoly' and addressing certain public concerns.

Today, the Chen family is the leader in almost every field, including industry, real estate, finance, trade, media, transportation, and energy. While the success is often due to the Chen family's own efforts, it is not uncommon for people to criticize them.

Of course, the Chen family's influence is too great; even a small influence can hardly make a difference!
For example, Cheung Kong Holdings employs over 100,000 people in Hong Kong. If something were to happen to them, Hong Kong's economy would stagnate for many years.

In the past year (1985), Hong Kong's GDP was HK$3356 billion, with a per capita GDP of HK$60800.

GDP per capita surpasses HK$6 for the first time!
More importantly, because 1985 was the first year after Hong Kong's political situation stabilized, the growth rate was not particularly outstanding; the following years were when Hong Kong's GDP exploded.

It was already predicted that the per capita GDP in 1986 would reach more than HK$6.8, with an increase of 10%.

However, since the British pound appreciated significantly against the US dollar starting in late 1985, while the Hong Kong dollar was pegged to the US dollar, it would likely take until 1990 for Hong Kong to reach the same level of per capita GDP as the UK. (During this period, the exchange rate of the pound against the US dollar rose from 1.1 to 2, equivalent to the pound appreciating by nearly 100%).
Even so, compared to the previous life in 1996 when it was on par with and surpassed, it was still six or seven years earlier.

In the restaurant of the Shangri-La Hotel, Chen Guangliang put down his newspaper.

He was having afternoon tea, a 'traditional program' of the Shangri-La Hotel, which originated in the 1930s in Shangri-La and has maintained this tradition ever since.

He himself occasionally comes to have afternoon tea.

He just sat in the lobby, and people who knew him wouldn't disturb him.

Chen Guangliang had just reviewed last year's data for Hong Kong, and it was generally as he expected. From 1982 to 1984, Hong Kong was in a period of political turmoil, and 1985 was the first year after its recovery.

The growth rate is already quite good, with an average of HK$6 per person, which should be more than 20% higher than the same period in the previous life. There are two main reasons for this: First, there were more industrialists and wealthy people who followed the trend to come to Hong Kong back then; second, under the leadership of the Chen family, these Hong Kong industries have greatly improved compared to the previous life.

HK$6 per capita is not much, but the period that followed was Hong Kong's fastest growth period, and even a GDP growth rate of 13-14% would be expected.

Assuming that Hong Kong's GDP per capita surpassed that of the UK in 1990, and that the 'cultural industry' and 'technology industry' had not yet fully taken off, Hong Kong could still maintain a good growth rate in the 1990s.

Of course, whether it's the 'cultural industry' or the 'technology industry', Chen Guangliang's vision is focused on the period after 2010, which is when he puts a few layers of insurance on Hong Kong.

"dad"

A sophisticated urban woman greeted Chen Guangliang from afar; she was none other than Chen Guangliang's eldest daughter, Chen Mengyi.

Upon meeting her, she acted like a little girl, coming to Chen Guangliang's side instead of sitting opposite him.

"Sit down, you're not getting any younger, are you trying to make a fool of yourself?"

Chen Mengyi said with a smile, "No matter how old she is, she'll always be your good daughter."

Despite saying this and that, she still obediently sat opposite her father.

"I've already ordered your favorite 'strawberry cake' for you."

"Thank you dad"

Strawberry cake might have seemed a bit 'uncool' in Hong Kong in the past, but it's definitely a favorite among wealthy wives and young ladies in this life, representing the 'high society'.

Strawberries were introduced to China in the 1930s, and the Shangri-La Hotel created a 'strawberry cake' that became a sensation in Shanghai. After the Shangri-La moved to Hong Kong, it naturally continued to be preserved and became one of the 'symbols' of high society.

It's become a consensus in Hong Kong's elite circles that if you haven't had afternoon tea at the Shangri-La Hotel or tasted its strawberry cake, you don't deserve to be considered part of Hong Kong's high society.

Next, the father and daughter chatted about the layout of the 'Greater Cultural Industry'.

Era Management has been established for over a year. When it held its audition for trainees, it attracted thousands of young men and women from Hong Kong; however, only less than 100 people were ultimately selected as trainees.

Of these 100 people, probably only half will actually debut.

Moreover, they now recruit trainees every year, forming a cradle for 'talent cultivation'.

"Overall, things are going well! Investing heavily in talent development and perfecting the 'Hong Kong pop culture' model is like opening a factory. When the time comes, everyone will find that so-called 'stars' can be mass-produced."

"Pfft," Chen Mengyi couldn't help but laugh. This was a completely different person from her at the company. Perhaps only in front of her father could she let go of all the pressure.

“Dad, if we can mass-produce idol stars, the Hong Kong market simply can’t accommodate them, so overseas markets are crucial. Therefore, I have already started to establish an overseas development department.”

Naturally, it's about overseas development in music, since Times Pictures is already very mature in overseas film development.

"Yes! The key to mass-producing stars is still to create value overseas. Of course, they will first become famous in Hong Kong."

"Um"

Currently, Chen Guangliang's instructions to Chen Mengyi regarding television dramas are to film classic Taiwanese dramas from her previous life, such as "Justice Bao" and "The New Legend of the White Snake"; in variety shows, they are starting to plagiarize large-scale programs from the UK and the US from her previous life, such as "Who Wants to Be a Millionaire"; and in music, they are imitating the Korean wave from her previous life to develop the Hong Kong wave in this life.

The next phase will be in the early to mid-1990s, developing the previous generation of 'Korean dramas', and in the late 1990s, developing 'Korean variety shows'.

Hong Kong itself had its own "Asian Hollywood" in the 1970s and 80s, so the difficulty of cultural export is not high. The key lies in whether there is a mature model and excellent works.

“If you do it well, just like the Hong Kong comics and Hong Kong games industries, you first need to be willing to invest, then have a sound mechanism and environment, and then it will gradually usher in great development.”

Upon hearing this, Chen Mengyi said earnestly, "I understand! The success of Hong Kong comics and Hong Kong games is the mentor of Hong Kong culture. I will definitely not let my father down."

For a long time, Chen Guangliang paid close attention to the development of 'Hong Kong culture,' which was arguably the only specific matter he interfered in. After all, with the four major conglomerates—Cheung Kong, Global Holdings, Cheung Kong Holdings, and Ping An—he basically only provided general directions. (End of Chapter)