Rebirth in Hong Kong: From Dessert Shop to Industrial Empire

Chapter 186 China Resources Invitation (Seeking monthly votes, recommendations, and subscriptions!)
Just before the end of the workday, the phone on Chen Bingwen's desk rang.

It was Li Guowei calling.

"Mr. Chen, did I disturb you?" Li Guowei's voice sounded very polite.

"Manager Li, you're too kind. I was just about to leave."

"Is there something you need?" Chen Bingwen asked.

"Here's the thing, I gave a detailed report to our General Manager Zhang about the Tin Shui Wai development idea you mentioned last time. He was very interested and would like to hear your insights in person. Would you be available to come to our company tomorrow?" Li Guowei said.

Chen Bingwen's heart skipped a beat, knowing that the seeds he had planted last time had sprouted.

China Resources really wants to hear external opinions.

"Tomorrow is Sunday, I'm free. Mr. Zhang can decide the time."

"Okay, I'll wait for you downstairs at the company at 10 a.m. tomorrow." Li Guowei's tone became more relaxed.

"I'll be there on time." Chen Bingwen hung up the phone.

The fact that China Resources took the initiative to approach him indicates that they have reached a consensus within the company regarding the predicament of Tin Shui Wai and have endorsed his previous ideas.

This is a golden opportunity.

Sunday morning was quieter on the streets of Hong Kong Island than usual.

At this time, a six-day work week was generally implemented, and the stock market naturally followed suit, pausing its trading hours.

After having morning tea, Chen Bingwen had Zhao Gang drive him to the Weiye Building.

Instead of going up to the top floor of Chen's headquarters, he went straight to the ground floor of the building.

A new sign has been hung here: Dragon Film Co., Ltd.

To facilitate communication, he decided to rent these offices as the base for Weilong Film Company, a joint venture with Cheng Long.

The dispute between Cheng Long and Lo Wei was ultimately settled with Cheng Long paying Lo Wei HK$800,000 in compensation.

Cheng Long had just turned his life around and couldn't come up with so much money all at once. This 800,000 was lent to him by Chen Bingwen in his personal capacity, with the agreement that it would be repaid after Weilong Films made a profit.

Without Lo Wei's interference, Jackie Chan was full of energy.

In particular, the story outline of "Junior Brother Takes Action" given to him by Chen Bingwen gave him a clear direction.

He expanded the synopsis into a complete script, and the main team, including the director, action choreographer, and cinematographer, was basically finalized.

Chen Bingwen was busy acquiring shares of Qingzhou Yingni and Hutchison Whampoa some time ago and had no time to attend to this matter.

He had some free time today, Sunday, so he came over specifically to check on the progress of the preparations.

In the office of Dragon Films, Jackie Chan was discussing shooting details with the crew's technicians.

Upon seeing Chen Bingwen enter, he immediately went to greet him.

"Chen Sheng! What brings you here?"

Cheng Long greeted him happily.

"Come see how your preparations are going." Chen Bingwen smiled and glanced around the office, where the walls were covered with storyboard sketches and scene photos.

"Almost done! The script is finalized, the action choreographers are Corey Yuen and Yuen Biao, the cinematographer is Ah Chuen, and the lighting and art direction are all done by experienced people."

Cheng Long excitedly introduced, "The cast is basically finalized. I'll be playing the junior brother, and we're planning to have Uncle Shi Jian make a cameo appearance as the senior brother. Wang Yu will play the villain, and we're still negotiating the female lead; we have a few options."

Chen Bingwen listened and nodded.

Cheng Long's efficiency was higher than he expected, it seems he was really determined to prove himself.

Chen Bingwen nodded: "What about funding? Has a budget been prepared?"

“The preliminary budget is ready,” Cheng Long said, picking up a document from the table and handing it to Chen Bingwen. “It will cost approximately 1.2 million.”

The main expenses were for set construction and props; we tried to control actor salaries as much as possible, and used many of our own Sammo Hung Stunt Team members.

Chen Bingwen quickly glanced at the budget sheet and got a general idea of ​​what was going on.

This figure was above average for Hong Kong films at the time, but it was a necessary investment for Jackie Chan's first film after he established his own studio.

"Yes, the budget is not a problem."

The two million I invested initially has been deposited into Weilong Pictures' account.

Chen Bingwen put down the budget sheet and said, "You've prepared the personnel, script, and budget, so don't delay and arrange to start filming as soon as possible."

Upon hearing this, Cheng Long's face lit up with a smile: "That's great! Mr. Chen!"
I've almost secured the venue, and I'm just waiting for the funds to come in so I can sign the contract.

The actors have all been agreed upon, and we're just waiting to set a specific date for filming to begin.

I'll try to get all the preliminary work done by the end of next week, so we can officially start filming the week after!

"Okay, you decide on the specific date, and let me know when you do." Chen Bingwen patted him on the shoulder, "Do a good job."

After leaving Weilong Film Studio, Chen Bingwen checked his watch and saw that it was almost ten o'clock. Only then did he ask Zhao Gang to drive to China Resources Company.

Li Guowei was indeed waiting downstairs at the China Resources Company's headquarters.

To Chen Bingwen's surprise, Zhang Jianhua, the general manager of China Resources, was also standing in the lobby.

"Mr. Chen, welcome, welcome!" Zhang Jianhua stepped forward and warmly extended his hand.

This treatment is much better than at the last cocktail party.

"Mr. Zhang, you're too kind. How could I trouble you to come down here in person?" Chen Bingwen quickly shook hands.

“Of course. Mr. Chen is a rising star in Hong Kong's business community, and we at China Resources would love to learn from and exchange ideas with talented young people like you.” Zhang Jianhua smiled and led the way, “Let’s talk in the conference room upstairs.”

Tea has already been brewed in the conference room.

After exchanging a few pleasantries, Zhang Jianhua got down to business: "Mr. Chen, when Guowei came back last time, he conveyed some of your views on the development of Tin Shui Wai, which were very insightful."

To be honest, this project is indeed a major concern for us right now.

The investment was huge, progress was slow, and there was also a lot of internal pressure within the group.

The reason I invited you here today is to hear your thoughts more deeply.

In particular, what are your predictions for the future real estate market in Hong Kong Island, and what specific suggestions do you have for our project?

Zhang Jianhua had a big smile on his face and his attitude was very sincere.

Chen Bingwen knew this was a critical moment and he had to bring out the real deal.

He hesitated for a moment, organized his thoughts, and then said, "Mr. Zhang, Manager Li, I'll get straight to the point."

I believe that Tin Shui Wai should not be viewed merely as a real estate project.

"Oh? Then what should it be considered?" Zhang Jianhua asked with interest.

“National strategy.” Chen Bingwen uttered four words in a deep voice. “This is the first, and possibly the only, large-scale new town in Hong Kong that Chinese capital can develop in a continuous manner before 1997.”

Its political symbolism far outweighs its commercial benefits.

What the authorities valued was not how much money China Resources made from it, but whether it could prove, under the very nose of the Hong Kong British government, that China Resources had the ability to plan, build, and manage a modern urban community.

This is a model room for those born after 1997.

If we don't do it well, or if it drags on for too long, how will the outside world see it?
They say Chinese companies have plenty of capital but lack the ability to execute.

This will directly impact the future development prospects and reputation of all Chinese-funded enterprises in Hong Kong.

Zhang Jianhua and Li Guowei exchanged a glance, their expressions turning serious.

They had discussed this level of understanding internally, but not as bluntly and sharply as Chen Bingwen.

Just as Chen Bingwen was about to continue, Zhang Jianhua suddenly waved his hand to interrupt him and said, "Mr. Chen, please wait a moment."

Your point of view is very important. I'll have the company's management listen to it and learn from it!

After saying that, he immediately instructed Li Guowei: "Guowei, immediately notify the heads of all departments in Hong Kong to convene a meeting in Conference Room One!"

Li Guowei was stunned for a moment, then immediately went out to make a phone call.

Before long, a dozen or so members of China Resources' management team arrived one after another.

Zhang Jianhua then solemnly introduced Chen Bingwen again before asking him to start again.

Chen Bingwen cleared his throat and, facing the room full of senior and middle-level executives from China Resources, continued, "As mentioned earlier, Tin Shui Wai is a strategic project."

Since it's a strategy, it can't be viewed from the perspective of ordinary business.

The biggest problem right now is that we've expanded too much; we tried to get rich quick, and now we're suffering from indigestion.

He picked up a pen, walked to the whiteboard in the conference room, drew a large circle, and then drew several smaller circles inside it.

"My suggestion is to plan as a whole, implement in stages, and develop in a rolling manner."

"The first step is strategic contraction, focusing on the core." He circled a small area within the larger circle, "to concentrate all resources and prioritize the creation of a 'model demonstration zone'."

We will select one or two areas that are the first to be launched and have the best locations, and concentrate all human, material, and financial resources to thoroughly improve the infrastructure of the core area to a high standard and with high quality.

Roads, water and electricity, communications, schools, medical stations, community centers, and a decent small commercial plaza.

The goal is to allow citizens and investors to see firsthand the tangible, convenient, and high-quality prototype of a new district, thus quickly building market confidence.

Some people in the audience nodded, while others were deep in thought.

"The second step is to use key points to drive overall development and promote continuous progress."

Chen Bingwen continued, "We will leverage the demonstration effect, popularity, and stable cash flow generated by the successful operation of the core demonstration area to invest these revenues in the development of the next adjacent area."

Like a snowball rolling downhill, each area matures, is developed, sold, and the recovered funds are reinvested in new developments.

This way, the investment scale at each step is relatively controllable, the financial pressure is small, the risk is low, and each step is taken solidly and steadily.

“Mr. Chen,” a project manager asked, “won’t this significantly lengthen the overall development cycle?”

“Slow is fast,” Chen Bingwen replied. “If we rush things now, our cash flow will be tight and projects will stagnate, which is actually the slowest way.”

While rolling development may seem slow, each step is taken steadily, with less financial pressure, allowing for continuous progress. The final total time may not necessarily be longer than the current stalemate.

Moreover, the risks are manageable.

With property prices soaring on Hong Kong Island, everyone is eager to complete construction quickly and make a quick profit.

However, they did not consider the possibility of a real estate collapse in the future.

Chen Bingwen knew that for projects like Tin Shui Wai that have long cycles and large investments, it was essential to reserve a sufficient safety margin.

"Mr. Chen," the project manager pressed, "what do you mean by 'controllable risk'?"

“The risk lies in the cash flow,” Chen Bingwen said bluntly. “The entire Hong Kong real estate market is currently operating at a high level, with high financing costs and significant pressure to collect sales revenue.”

If the market adjusts, highly leveraged projects will be the first to fail.

Rolling development, with limited investment at each stage, allows for flexibility even in the face of short-term market fluctuations.

(End of this chapter)