Chapter 420 418 [Selling off US stocks]

The Hong Kong government was forced to take action and launched indiscriminate attacks on those businessmen who hoarded goods and raised exchange rates, but this still did not help the overall situation much.

Li Wendi's company acquired a large number of cheap properties with US dollars. Of course, Li Wendi is not a fool. He would not use the names of large companies such as Changxin Group to carry out acquisitions. More companies involved in the acquisition are small companies with lesser reputations under his control, so it will not cause too much impact.

On Tuesday, September 9, the Hong Kong government held an emergency meeting and announced that it would take over Hang Lung Bank, which was unable to repay its debts. As a result, the bank run at Hang Lung Bank gradually subsided.

The Hong Kong dollar crisis is still brewing. Many local stores have begun to refuse to accept Hong Kong dollars and demand settlement in US dollars. The craze for buying goods in the market continues to intensify, and people are worried that the Hong Kong dollars in their hands will become toilet paper.

Many banks have stopped exchanging US dollars, only HSBC and Standard Chartered Bank are still exchanging unlimited dollars. As a result, long queues have formed in front of the banks, and people want to withdraw Hong Kong dollars and go to the two banks to exchange them for US dollars.

The Hong Kong government was forced to issue an order: Any store in Hong Kong that refuses to accept Hong Kong currency payment is a serious violation.

Dozens of shop owners were arrested, and the Hong Kong dollar was temporarily accepted by the public again. However, the citizens were very smart and actually came up with the idea of ​​"barter", which made the Hong Kong government helpless.

The Hong Kong government does not dare to enact such a law for fear of becoming a laughing stock of the world.

Wheelock Corporate Office
Ye Wenjian looked a little pale, and reported, "At the end of 82 and the first half of this year, according to your instructions, we have used the ships of our brother companies to transport a large amount of materials and goods, especially Daxin Company. Now, 11 of the 6 large warehouses have been emptied of goods. I am worried that the remaining 5 will not last long. Moreover, we have not raised prices, and many citizens have flocked to our shopping malls."

"Once the Hong Kong dollars in our hands depreciate, we will suffer heavy losses. Can we temporarily implement purchase restrictions?"

Li Wendi was well aware of Ye Wenjian's concerns, but he still didn't want to be such an unscrupulous businessman, so he told him his plan, "There are a lot of properties and other goods on the Hong Kong market. You can exchange all your funds for physical goods, so that we won't suffer a big loss."

"But many owners want to pay in US dollars, and I'm afraid it will be difficult for us to do so." Ye Wenjian said with embarrassment.

"We'll buy as much as we can. We won't suffer any losses on this deal." Li Wendi firmly suppressed the matter.

According to Li Wendi's idea, the exchange rate between Hong Kong dollars and US dollars changed from 1:5.13 to 1:7.8, which is indeed a big loss, especially for the foreign trade business done by Hebao Company. However, after the exchange rate stabilizes at 7.8, Li Wendi will use this money to sweep up commercial buildings, shopping malls, shops, residential properties and even potential real estate companies in the Hong Kong market.

On October 10, the Hong Kong government, together with Merlin, Bailida and HSBC, supported the troubled Sun Hung Kai Bank.

Feng Jingxi is a rather stubborn old man. He could have reduced his losses or even gotten away, but the situation has turned out to be what it is today. Now the Feng family has no choice but to withdraw from Sun Hung Kai Bank and let the Hong Kong government and other institutions take over temporarily.

On the same day, the police arrested several relevant persons including Chen Songqing, and several other relevant persons are still at large.

On the fifth day after Chen Songqing and others were arrested, Bankers Trust, one of the creditor banks, applied to the Hong Kong High Court for liquidation of the Carrian Group and obtained approval.

At this point, in the late 70s and early 80s, the once-popular Jianing Kingdom collapsed, and many of its partner companies, such as the Baishunning Group, were also affected.

The collapse of the Carrian Group has had an impact on the entire Hong Kong second only to the Iron Lady's fall last year. The group's total debt exceeds 10 billion yuan, and companies and financial institutions such as HSBC, Hang Seng Bank, and Wing On Bank have been severely affected.

In the real estate industry, a large number of properties and projects under construction under the Jianing Group are being liquidated and are waiting for auction. There is nothing wrong with this approach. In Hong Kong, many large projects are developed through cooperation. It has always been the case that everyone makes money when there is money, and everyone loses when there is a problem, and everyone will suffer.

As for the Miramar Hotel old wing project in Li Wendi's hands, it has nothing to do with the Carrian Group. The procedures for handling it were very strict at the time, and the entire legal team worked on it for a whole week.

Li Wendi's companies are looking forward to the bankruptcy auction of the Carrian Group because they have already set their sights on most of the Carrian Group's high-quality projects.

Citibank Hong Kong Branch

William waited for Li Wendi in the office for a long time, because Li Wendi was the largest client of Bank of China in Hong Kong, no doubt about it.

"Mr. Li, this Hong Kong currency crisis is really scary. It is not much less influential than the financial crisis in the United States. Banks have also suffered considerable losses in this crisis." William was complaining about the significant impact of the crisis.

“The companies under my control have also suffered losses to varying degrees, but they are smaller than those of similar companies. This is a major disaster and no one can escape it,” Li Wendi said calmly.

William certainly knew that Li Wendi's company was acquiring a large number of properties, but he couldn't expose Li Wendi's disguise.

"I came here this time for investment in the U.S. stock market. I plan to sell all those stocks," said Li Wendi.

William was a little surprised, because the United States had gradually emerged from the crisis and the economy began to return to normal, and the technology stocks held by Li Wendi were still rising, but the growth rate was much slower than before.

"Mr. Li, you are very familiar with the situation of the US stock market, right? It seems to be still rising now." William said in confusion.

"Mr. William, you should know that if I wait until the stock price stops rising before selling, it will be too late by then, and I hold hundreds of millions of dollars worth of stocks in my hands." Li Wendi spread his hands and said.

"Okay!" William said helplessly, "Since Mr. Li insists so much, I will notify the US headquarters and help Mr. Li start selling all the stocks."

"But I still have a question in my mind, and I hope Mr. Li can answer it."

"Excuse me!" Li Wendi said.

"Mr. Li is not in the United States. Why is he so sure that the stock price won't rise much just based on the news he sent back?" William asked.

"Because someone told me that the policy stimulus effect on the computing industry has begun to fade, and the commercial computer market has become saturated after several years of development. Without the support of high-growth performance, the stock price will certainly not have a big increase." Li Wendi said with a smile.

"Yeah!" William nodded, thinking that Li Wendi's analysis made sense. "Mr. Li, the quantity of this batch of stocks is very large. Is there a specific time limit for selling them?"

"We will try to complete it before February 84," Li Wendi replied.

(End of this chapter)