Chapter 1255 Conflict and Anxiety

At several meetings of the Real Estate and Construction Chamber of Commerce, Yin Jun also saw Chen Qizong, who had enjoyed great success some time ago.

The eldest son of Hang Lung Real Estate, who was praised as a "genius" on par with Yin Jun, is now as wilted as a quail, dejected, and his hair and beard are a mess.

The life of Hang Lung Properties is one of the most difficult among all real estate developers.

Not only do they have a large number of developed properties and unsold houses, they also have a more important and bigger trouble!

That is the target of properties built on nine subway stations on the Hong Kong Island Line that Hang Lung Group, together with other real estate developers, acquired last year.

Now the Cotton Tree Building on Murray Road in Central District is nearing completion, and the Fragrant Hill Building in Admiralty Section 2 is being planned. That is, it is time to compensate for the land price according to the agreement.

A total of 1.82 billion!

Under such circumstances, where can they get it?

Even if it could be taken out, who would dare to take it out?

Aren't you afraid that your company will be destroyed just for this project?

But if you don't take it out, it will be considered a breach of contract.

The amount of money lost is an astronomical figure, and the entire subway station is built on top of the property, which has nothing to do with them!

After such suffering, it's no wonder that Chen Qizong is so haggard.

Not only Chen Qizong, but their whole family was so decadent, haggard, and at a loss.

Of course, it wasn't just them. Few of the real estate businessmen Yin Jun saw looked normal.

Recently, bars, nightclubs and other places in Xiangjiang have lost their former liveliness because they rarely go to Xiasa to discuss business.

The only ones who can maintain their own grace and dignity are the super rich who will become prosperous in the future.

For example, Li Zhaoji, although his newly listed Henderson Land Development Company has been under severe financial pressure recently and the company's stock price has dropped sharply, he is still unhurried and has determination in his eyes.

However, in such a general environment, no matter how determined Li Zhaoji was and how confident he was about the future, he could not prevent the collapse of Xiangjiang real estate.

Just when the real estate developers were hesitant and at a loss, they encountered another heavy blow.

The price of second-hand houses in Xiangjiang suddenly plummeted! !

The price of ordinary residential apartments in Tsing Yi has been reduced from 1,200 yuan per square foot in August to 900 yuan, and they are also decorated!

The price of high-end apartments on Broadcasting Road has dropped from the market price of 1,400 yuan per square foot in August to 1,000 yuan in one go!

The price of an ordinary apartment in Tsim Sha Tsui has plummeted from 1,600 yuan per square foot in August to 1,100 yuan!

The price of a luxury apartment with a view in Beacon Hill dropped from 2,000 yuan per square foot in August to an incredible 1,300 yuan! !

Even the villas on the top of the mountain have not been able to hold on. The price of three high-end villas on Barker Road has dropped from 5,000 yuan per square foot to 3,000 yuan! ! !

Good guy!

Land's first-hand housing prices can only fall by 25% at most, and in fact the average decline is only about 18%.

But the price of second-hand houses is a sharp 30%-40%, and it is second-hand houses in Hong Kong. Within one or two days, all prices have plummeted, which is a slap in the face to real estate dealers!

why is that?

What is the situation?

After everyone checked, they discovered that the first people to start price reductions were the middle class people who had completed the immigration procedures but had not left for a while.

They won’t live in Xiangjiang anymore anyway, so who cares what will happen to Xiangjiang in the future?

Then, thinking that the negotiations had broken down, in order to avoid being exposed to war and for their families, of course they had to sell the house in a hurry.

But in the current situation, how can the house be sold?

So, these people simply thought, I have to leave anyway. Even if the price is cheaper, I will leave early. Earning less is better than getting nothing at all, right?

This group of middle class has been the essence of Hong Kong in the past 20 to 30 years.

Most of the houses they bought were actually very cheap, but thanks to the continuous economic development in Hong Kong in recent years, the prices of houses have skyrocketed.

Even if they sell it at half price, they can still make a lot of money.

Not to mention that they don’t actually own just one house, most of them own two, three or more. In Xiangjiang, the middle class doesn’t have many houses. Can they be called middle-class rich?

At first, dozens of houses came out, then hundreds...

Two or three days later, they had released a total of two to three thousand houses, which were all considered good in terms of layout and environment.

Now everyone felt bad.

Damn it!

So that’s what everyone thinks?

It turns out that there are so many people leaving and so many houses for sale!

Of course they know the dangers of competing to lower prices, but things have reached this point, and they are already riding a tiger. No one has any way to quit, they can only hold on, praying that the house can be sold soon because the price is too cheap.

The result is that even this group of middle class people don’t know that even if they regret canceling the house sale entrustment, there is nothing they can do about it.

Because, a bigger crisis came soon after.

There are many wealthy people in Xiangjiang, but there are also many ordinary investors.

They are like the middle class. Very few of them have three or five houses, but they usually have two houses.

There are about 200,000 such families in Xiangjiang, which is a large number.

In the past, real estate in Xiangjiang mostly relied on their support to prosper.

It's just that these investors don't have much money, and their entire family is invested in two houses.

In the past, it seemed that you could increase and maintain value, and you could enjoy the benefits of rising house prices while renting out and earning rent.

But it doesn’t work anymore. The rich are selling one thing after another. If this continues, they can just take the money and leave, but what about us?

Are we just going to hold on to two houses that cannot be liquidated at all, and wait until they are all confiscated?

It’s not like this has never happened before!

When they thought of such horrific things, they felt very panicked.

If you were to say that they were ordinary people with only one house, they wouldn't be so panicked. After all, it's impossible to sell the house directly out of fear and then use the money to rent a house, right?

This is too exaggerated!

However, the problem is that they still have a house above them!

Under such a severe situation, should we guard two houses and take a gamble on whether the most tragic thing will happen? Or is it better to sell one set and have some emergency money?

Of course many people will choose the second option without hesitation.

After selling one, I still have a house to live in, and that's enough.

Even if the house is to be repossessed later, I still have so much money in my hand, put it in the bank - an American bank, they don't dare to confiscate it, right?

This is the last guarantee for a family!

right!

Just do it!

Therefore, under the stimulation of these middle class, ordinary investors with two houses also rushed to join the wave of selling houses.

Their costs range from high to low.

But with the choice between life and final protection, no matter what, they want to sell a house to add some security to themselves, even if it seems to be a bit of a loss now, it doesn't matter.

All right.

As a result, more than 30,000 houses appeared on the market in just one week, and this number is still increasing, which shocked all Xiangjiang people!

However, precisely because there are too many houses, and they are getting cheaper and cheaper, and even those with 50% discounts are beginning to appear constantly, it makes those eager home buyers afraid to buy a house.

Why?

Who knows if the price of the house will plummet after I buy it?

If I bought it halfway up the mountain, or even at the highest peak, wouldn’t it be a loss?

More importantly, you rich people are worried about your house being confiscated and losing your property. Don’t we poor people worry about it?

All the money I had worked hard to earn was used to buy a house, and then it was confiscated and ruined before I could live there for a year or two. Can my family still survive?

I might as well hold the money in my hand and wait and see!

Anyway, houses are plummeting now, not rising sharply. What should I be afraid of? What am I worried about?

It’s you rich people and those real estate developers who should be worried!

have a look!

People from every class in Hong Kong

Whether they are the rich, the middle class, ordinary investors, or the bottom of society, everyone has their own thoughts and calculations.

Moreover, this calculation is absolutely sharp and impossible to reconcile.

What are the direct consequences of this?

Of course the house cannot be sold!

Whether you have more than 30,000 second-hand houses on the market or more than 7,000 new houses on the market, few people are buying them.

At best, a few people who get carried away will only buy houses that are half the price.

As a result, an extremely strange and quiet situation occurred in the market.

The two sides are like two fierce waves separated by a wall, now just out of a relative balance.

But everyone knows that once this balance is broken, there will be disastrous consequences.

Even Shen Bi already had a headache.

The headquarters of HSBC is in Xiangjiang. If Xiangjiang is so chaotic, their life will definitely be difficult.

But even Shen Bi couldn't do anything about it.

He cannot ask developers to continue to cut prices endlessly, nor can he ask ordinary people to buy houses quickly.

Neither approach is appropriate.

That's why he was troubled.

Even Shen Bi, the God of Wealth in Xiangjiang, was worried and distressed like that, let alone other people.

Whether ordinary people or rich people, everyone is in a state of anxiety.

In the whole of Xiangjiang, Yin Jun is probably the least distressed person.

At this time, he had temporarily put aside matters in Xiangjiang, and took Lin Qingxia and a group of staff on a plane to the United States.